WTI Crude Oil continues rises around $89.10 on the SPR filling initiatives, growing the Arabian Peninsula concerns

Crude consolidating under $90.00/barrel – Key Points

Because of growing territorial conflicts, WTI has risen to almost $90.00.

The news of SPR replenishing has increased the attractiveness for oil.

Due to increasing US bond yields, Chairman Powell backed maintaining the interest rate constant.

The WTI futures on the NYMEX trade oscillated between above and under the critical barrier level of $90.00. The cost of oil had an upward tilt owing to continued threats of intensification in the Gaza conflict following the medical facility bombing

Source: EIA

Mr. Yoav Gallant, Jerusalem’s defense commander, has ordered his forces to get ready for an incursion into Gaza. Win order to eliminate the Palestine armed force. The cost of crude are rising owing to the significant risks of Tehran intervening in the region’s ongoing conflict. That could result in a reduction in crude supplies in an existing restricted oil environment.

At this point, the declaration by the US (DOE) that it intends to replenish the (SPR) has influenced the crude oil price forecast. The Department of Energy expects to supply 6 million barrels in Dec and Jan. Traders should keep in mind that the US state has pulled 200- M barrels from the start of the conflict between Russia and Ukraine

BRENT CRUDE OIL RISES BEFORE OF CLOSING BELL

The cost of oil is on track to rise for another week in a row. Investors will remember previous Friday’s price spike.  When traders braced for a possible ground incursion onto north Gaza.

Although current price movement was relatively quiet in comparison to a week prior, The prices are nevertheless moving upward as concerns stay strong. Crude is presently approaching its September swinging top of $95.90.  and a psychological area of $100.barrel. Being possible out farther down the road. The impact of the international turmoil outweighs the impact of higher US rates with a strong currency on commodity worldwide marketplaces. Support might be seen on the last swinging minimums around $89.0/.barrel.

WTI Support and Resistance Levels

S3 63.729  S2 77.543  S1 80.727    R1 94.238  R2 94.238   R3 94.238