WTI Crude is hovering around $78.752, indicating a bullish outlook.

Highlights

WTI Oil Costs Respond to Middle Eastern Conflicts: Israeli assault in Rafah region. Coupled with unsolved truce talks, raise market for oil anxieties.
the US Oil Storage Watch Review: Expected inventory reductions may have an additional impact on the price of oil this week.
Saudi Arabian Prices Rise Hints Consumption: Saudi’s latest fuel price revision points to high summertime need.

WTI Inventory Chart

Source: EIA

Crude WTI Oil Fundamental Take

Over Tuesday’s trading session, the WTI oil futures price was hovering near $78.752 per barrel. The price of oil rose somewhat after Israel’s raid on Rafah on Gaza strip. At this point, discussions for a truce proceeded sans success. As reported by Reuters, Israel’s army attacked Gaza’s southern border with aerial and land strikes. -The Rafah offered safety for over one million stranded People.

Technical Analysis

At present technical assessment for WTI oil reveals a modest reduction in pricing to $78.58, or a 0.08 percent dip. At present, the WTI trades under the key price point of $79.97. Suggesting a negative attitude.

Initial obstacles are established around $79.86, then succeeded by greater obstacles near $80.91 & $81.93. That may limit higher momentum. Supporting points are located near $77.89 mark, adding additional support located on $77.07 & $76.32 mark. Providing possible recovery levels should the falls persist.

The 50 & 200 D- EMAs of $80.37 & $81.81, accordingly, show that the cost is experiencing downward pressure. A rise over $79.96 might change the picture to more optimistic, whilst remaining under might sustain the negative tendency.

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