WTI moves downward to about $72.023 notwithstanding the recent US and British air attacks against the Houthis.
The WTI crude oil price struggled to snap a 3-day declining skid on Monday. The cost of crude oil decreased its daily advances amid increased conflict in the region. wherein the U.S with the Britain launched more aerial attacks against the Houthi militant group in Yemeni on Sat. Currently, the crude oil price hovers about $72.023/ barrel
Key Highlights
Amid rising tensions in the eastern region, the WTI price of oil has pared its midday increases.
Last Saturday, the United States & Britain launched further air attacks against the Houthi rebel organization in Yemeni area. , Washington predicted the prospect of airstrikes on Iranian land.
Oil prices for oil encountered hurdles following the announcement of strong American labor statistics on Friday afternoon.
The new attacks were in reaction to an aerial attack that killed several US military personnel inside Jordan. In reaction, the Yemeni Houthi rebels are pledging to expand their armed activities. In the meantime, White House security adviser Sullivan. Cautioned on Sunday said American attacks against Iranian supported rebels in the region were only the start of a long-term reaction. Sullivan would not exclude airstrikes on Iran’s land.
The massive employment growth in the USA has lowered the chances of the US central bank cutting interest rates in Mar. The possibility of increasing rates of interest can hinder growth in the economy. Along with demand for oil in major economies, resulting in lower oil’s rates.
The Organization (OPEC+) are expected to endure an ongoing battle in the years 2024 and 2025. This difficulty derives from OPEC+’s attempts to reduce world supplies by imposing stringent output limitations on its member countries. Nevertheless, there is worry that other oil producers. Particularly the US, may surpass OPEC+ production curbs, oversupplying international markets.
WTI – Daily Technical Indicators & Signals
| Name | Value | Action |
| RSI(14) | 42.597 | Sell |
| STOCH(9,6) | 30.889 | Sell |
| STOCHRSI(14) | 0.000 | Oversold |
| MACD(12,26) | 0.120 | Buy |
| ADX(14) | 28.293 | Sell |
| Williams %R | -98.943 | Oversold* Caution |
| Name | Value | Action |
| CCI(14) | -124.6777 | Sell |
| ATR(14) | 2.1864 | Less Volatility |
| Highs/Lows(14) | -2.0950 | Sell |
| Ultimate Oscillator | 34.582 | Sell |
| ROC | -1.047 | Sell |
| Bull/Bear Power(13) | -3.6560 | Sell |
Pivots – Daily (WTI)
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | 71.54 | 71.81 | 72.02 | 72.29 | 72.50 | 72.77 | 72.98 |
| Fibonacci | 71.81 | 71.99 | 72.11 | 72.29 | 72.47 | 72.59 | 72.77 |
| Camarilla | 72.09 | 72.13 | 72.18 | 72.29 | 72.26 | 72.31 | 72.35 |
| Woodie’s | 71.50 | 71.79 | 71.98 | 72.27 | 72.46 | 72.75 | 72.94 |
| DeMark’s | – | – | 71.91 | 72.23 | 72.39 |
