The price of WTI & Brent crude held steady on Thursday amid plunging significantly earlier in the day. While fears over delays in shipping over the Red Sea channel abated despite rising Middle Eastern hostilities.
The Brent oil prices were up two cents to $79.75 per barrel. while crude oil futures for WTI were down three cents to $74.08 per barrel. Rates fell around 2 percent on Wed as big shipping firms started heading back towards the Red Sea corridor
WTI Crude Highlights
WTI pricing are rising at $74.30, up 0.52 percent on the day. But drops back to 73.245
The weakening the US dollar, as a result of the US Fed’s increased betting on rate decreases, increases the crude oil.
Worries of maritime interruption arose as tensions across the Red Sea rose.
Having said that, the US dollar’s slide to a 5-month trough due to increased expectations on a rate reduction. has added to the crude. Markets have factored in over 88 percent of a rate decrease beginning as of March 2024. Which means they predict over 150 basis points to be reduced the following year.
Investors will keep a careful eye on happenings in the Red Sea after an aerial assault on a crude tanker. Which raised concerns about maritime delays. In addition, the continuing Israeli military offensive in Hamas continued a key source of price swings. Israeli military bombarded central Gaza via air, sea, and land on yesterday. Only a single day following Israel’s Chief of General Staff, Halevi, declared warned the fight will persist for a quite a long time.
API Inventory data, New home sales & Jobless Claims
Based to the API’s weekly inventory report released on Wed. The American crude oil stocks grew by 1.837 million barrels during the week beginning the 23rd of Dec. compared to 0.939 million barrels the week before.
Oil investors will be watching the EIA crude oil Storage Changes data, which is coming on today. In addition, the US’s Preliminary Weekly Unemployment Claims, Nov Trade Balance, it is stipulate & In progress Property Sales will be reported. Investors will use information to identify possibilities for trade near WTI levels.
WTI – Futures Daily Technical Indicators
| Name | Value | Action |
| RSI(14) | 47.045 | Neutral |
| STOCH(9,6) | 69.332 | Buy |
| STOCHRSI(14) | 65.161 | Buy |
| MACD(12,26) | -0.590 | Sell |
| ADX(14) | 29.430 | Buy |
| Williams %R | -34.947 | Buy |
| Name | Value | Action |
| CCI(14) | 45.3852 | Neutral |
| ATR(14) | 2.1886 | Less Volatility |
| Highs/Lows(14) | 0.0000 | Neutral |
| Ultimate Oscillator | 47.608 | Sell |
| ROC | 2.794 | Buy |
| Bull/Bear Power(13) | 0.2940 | Buy |
Support and Resistance Levels
S3 67.924 S2 67.924 S1 67.924 R1 79.607 R2 84.843 R3 94.238
Trend – Neutral to Bearish (Short-Term)
