Crude Oil Highlights

Brent and WTI crude prices fell by more than 3% and 4%, respectively, to multi-month lows.
The Fed’s aggressive interest rate policy creates concerns about economic growth and gasoline consumption.
Strengthening US petrol demand lends impetus to OPEC+ supply policy negotiations.

Market Fundamental Snapshot

The price of crude remained unchanged on Friday. While traders processed US Fed statements on rates of interest amid rising prices. Amid steady costs, the price of Brent & U.S. crude contracts fell to several-month lowest points. Including Brent off more than 3 percent and WTI dropped nearly 4 percent this week.

The Federal Reserve’s aggressive attitude on interest rates knocked on the price of oil. Creating fears over economic growth and energy consumption. Yet, rising American petrol consumption gave some relief. The entire focus is tuned into the OPEC+ gathering on June 1st. Possible renewals of oil supply curbs are going to be discussed.

US WTI Crude Technical Analysis

The WTI contracts traded on NYMEX are expected to end this week on a gloomy tone. The crude oil pricing fell for the seventh consecutive trade period today. The crude has been squeezed for the past week as the US Fed officials continue aggressive rhetoric on rates of interest.

WTI is presently priced at $76.203. The pivotal point on $77.40 is an essential price point to monitor. Following immediate obstacles near $78.38 and additional barrier near $79.24 mark. To the lower end, the current supporting level at $76.01, then comes $75.42 & $74.81 levels.

The 50 D- EMA stands around $78.27, while the 200 D- EMA sits at $80.00 mark. These stages represent key barrier marks. The technical picture is strong for so long as the cost remains beyond $76.61 mark. A breach beneath this point might result in a severe sell momentum.

Brent Crude Technical Analysis

Brent is trading around $80.55, off 0.25%. Crucial levels of price comprise the pivotal mark at $82.67, as well as right away resistance at $83.48. With further obstacles near $84.51. Initial protection is seen near $80.58 mark, which follows $79.68 then $78.75 mark. The 50 D- EMA sits at $82.27, whereas the 200 D- EMA stands at $83.63 mark. Showing substantial resistance areas. The prognosis is negative beneath $81.50. Nonetheless, an upward move over this mark might change the trend to positive.

Technical Synopsis & Signals