WTI continues losses to around $75.88 area. Owing to concerns about the prolongation of increasing US rates of interest.

WTI Crude oil prices fell for an additional straight day, staying about $75.88 / barrel on Monday’s trade. The prices of crude oil have fallen due to uncertainty regarding need. Which has most certainly been driven by increased worldwide risk aversion. This mood may lead the banks to take a more cautious approach with regard to rate hikes.

Highlights

The US WTI prices fell for an extra consecutive day on Monday.
The Crude price tags for oil are falling as the worldwide need for oil in general remains unclear.
Increased worldwide rates of interest hinder economic activity, reducing demand for crude oil.

High rate of interest on a worldwide scale are slowing economic activity, cutting oil usage and lowering desire. The most current FOMC Conclusions expressed caution over rate reductions, which suggests an instinct for keeping borrowing rates elevated to battle ongoing rising inflation. This position has helped to moderate the cost of oil.

In addition, bullish words from central bank executives have suggested that rising US Fed interest rates will continue. In a discussion, President Williams of the NY Fed said rate reductions may occur subsequently this year. Although stressed that such reductions could only be executed when considered suitable. In a comparable manner US Fed Governor Waller is for deferring any rate decreases for a while to see if Jan’s resilient inflation data constitutes an exception.

Saudi Aramco: six million barrels per day of the world’s oil production goes to waste each year.

Worldwide supply of crude is currently ample, however natural decreases at oil fields. That require the globe to locate a Saudi Arabia each 2- years to counterbalance output drops. – According to Saudi Aramco’s CFO

He stated at the Saudi Capital Markets Summit 2024 at Riyadh that up to 6 mil bpd of world crude oil production goes away each year because of organic decrease in working areas and must be rebuilt.
According to Aramco’s management, the globe now has just 3 percent of reserve crude oil reserves needed to meet demand worldwide.

Yemeni Houthi Red Sea Strikes Benefit Predators as Vessels Redirect

The Red Sea’s transport problem has compelled operators of ships to detour.
inevitably, regaining assaults from prominent pirate hubs have shipping firms nervous about the newly established path.
Soaring predation in African waterways isn’t going to entice maritime corporations to come back to the Red Sea any moment shortly. Given the much greater danger of encountering Houthi assaults.

5- Hourly Technical Indicators & Signals

Support and Resistance levels

S3 = 67.924, S2 = 69.388, S1 = 71.436,   R1 = 79.222, R2 = 79.222, and R3 = 94.238.