WTI Crude Oil hovers at $80 per barrel as investors await Powell’s address in Jackson Hole. The soaring value of the US dollar is sweeping across markets.
WTI Crude Key Points
Oil (WTI) is trading at $79.86 and is expected to settle at over $80.
The US Greenback is strengthening in the aftermath of Powell’s address later Friday.
The unexpected decrease from Wed is continuing on Thursday as well as Friday.
Prev. Close – Friday, August 25
79.321
High
80.592
Low
79.266
Existing Market Trends
Brent crude climbed 18 cents to $83.54 per barrel during the early hours. Meanwhile, WTI crude in the United States rose. Finishing at $79.32 per barrel. Given these advances, crude prices are expected to fall by between 2 and 3 percent by the end of the week. Marking the 2nd consecutive weekly dip. This follows a small uptick in the session prior. That was fueled by findings from the Dutch consultancy Insight Global. Who revealed a 3 percent decrease in gasoil stockpiles at the ARA processing and storing center
The WTI Oil pricing has created a double bottom around $77.53 mark. Following price activity bouncing upwards from that mark on Wed and Thursday. Today morning’s stories from Russia have pushed prices higher as supplies to the market begins to decrease slightly.
The Baker Hughes US Oil Rig Number will round off the week for crude oil. The reading of 520 this past week became the lowest reading after Feb of 2022. Despite Franklin was not posing a significant danger to the Texas basin. Another drop in rig activity counts might further support crude pricing.
Crude WTI Technical Perspective
The present 4-hour value of $79.31/bbl has recently fallen under the 200-4H MA about $79.34. Indicating the possibility of a negative crossing. This sense is confirmed by the fact that it is still trading beneath the 50-4H MA. Where is now at $80.03 mark. The 14-4H RSI has a value of 48.82, which falls under the neutral level 50 threshold & indicates weakening strength.
Crude WTI Four-Hour Chart
Source: TradingView
The market price is now a bit above the key supporting area of $79.05 to $78.29 level. Signifying an important turning point. The biggest obstacle zone runs from $81.43 and $81.75 levels. All of these signals suggest that the market is somewhat negative during the short run.
