WTI bears eye $79.00 amid four-day downtrend, US SPR talks in focus


  • WTI remains pressured near one-week low, down for four consecutive days.
  • US Senate Majority Leader Schumer urges for fuel sales from SPR.
  • Belarus-EU tussles, stimulus hopes fail to entertain buyers amid sluggish markets.
  • Risk catalysts, China data dump eyed for fresh impulse.

WTI takes offers to refresh intraday low around $79.20, down 0.65% on the day during early Monday. In doing so, the black gold tests the lowest levels in one week during the four-day downtrend.

Behind the moves could be the fears of the US sale of fuel from the Strategic Petroleum Reserve (SPR) as well as sluggish market sentiment. In doing so, the commodity prices ignore geopolitical tension between Eurozone and Belarus.

During the weekend, US Senate Majority Leader Chuck Schumer urged President Joe Biden administration to approve fuel sales from the nation's SPR. The talks have been loud in the last few days and may recall the sellers if approved. Though, the OPEC+ refrain to entertain easy output should challenge the oil bears.

On the other hand, the European Union’s (EU) border with Belarus recently witnessed some geopolitical tension due to migrants. “Russian President Vladimir Putin said that Russia was ready to help resolve a migrant crisis on the border between Belarus and Poland, RIA news agency reported on Sunday citing an interview on a state TV channel,” per Reuters.

It’s worth noting that uncertainty over the US stimulus and doubts on the Fed’s next move add to the inflation fears to weigh on the WTI prices off late.

Amid these plays, US 10-year Treasury yields remain depressed around 1.558%, down 2.6 basis points (bps) whereas the S&P 500 Futures print 0.12% intraday gains at the latest.

Moving on, China Retail Sales and Industrial Production for October will join the risk catalysts and inflation fears to direct short-term WTI moves. Overall, the commodity prices may witness further weakness amid challenges to the demand-supply matrix.

Technical analysis

A six-week-old support line near $79.00 restricts short-term WTI moves, a break of which will challenge the monthly low near $77.60. Alternatively, the $80.00 threshold and 20-DMA near $81.70 restrict short-term recovery.

Additional important levels

Overview
Today last price 79.28
Today Daily Change -0.46
Today Daily Change % -0.58%
Today daily open 79.74
 
Trends
Daily SMA20 81.78
Daily SMA50 77.29
Daily SMA100 73.63
Daily SMA200 68.83
 
Levels
Previous Daily High 80.48
Previous Daily Low 78.77
Previous Weekly High 83.59
Previous Weekly Low 78.77
Previous Monthly High 84.98
Previous Monthly Low 74.06
Daily Fibonacci 38.2% 79.42
Daily Fibonacci 61.8% 79.83
Daily Pivot Point S1 78.85
Daily Pivot Point S2 77.96
Daily Pivot Point S3 77.14
Daily Pivot Point R1 80.55
Daily Pivot Point R2 81.37
Daily Pivot Point R3 82.26

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD eases from multi-week top; bulls retain control ahead of Fed

AUD/USD eases from multi-week top; bulls retain control ahead of Fed

AUD/USD trades with a mild negative bias below a three-week high, around the 0.6400 neighborhood touched on Monday, as traders turn cautious ahead of the FOMC meeting. However, the optimism over China's stimulus measures, the risk-on mood, and the overnight breakout through the key 100-day barrier favor the Aussie bulls amid the recent USD slump.

AUD/USD News
USD/JPY climbs to two-week high ahead of BoJ-Fed rate decisions

USD/JPY climbs to two-week high ahead of BoJ-Fed rate decisions

USD/JPY touched a nearly two-week high during the Asian session on Tuesday as the risk-on mood undermined the safe-haven JPY ahead of this week's key central bank event risks. However, divergent BoJ-Fed expectations and rising trade tensions should limit deeper JPY losses.

USD/JPY News
Gold price sits near all-time peak, just above the $3,000 mark

Gold price sits near all-time peak, just above the $3,000 mark

Gold price trades above the $3,000 mark, near the record high touched last Friday, as the economic uncertainty sparked by Trump's tariff war continues to underpin safe-haven assets. Moreover, the recent USD slump to a five-month low, triggered by rising Fed rate cut bets, lends support to the XAU/USD.

Gold News
Outflows in crypto funds reach $6.4 billion over five weeks amid long-term holder accumulation

Outflows in crypto funds reach $6.4 billion over five weeks amid long-term holder accumulation

Crypto exchange-traded funds extended their outflow streak last week, totaling $1.7 billion, bringing the total outflows in the past 5 weeks to $6.4 billion, per CoinShares weekly report on Monday. 

Read more
Five Fundamentals for the week: Fed leads central bank parade as uncertainty remains extreme

Five Fundamentals for the week: Fed leads central bank parade as uncertainty remains extreme Premium

Central bank bonanza – perhaps its is not as exciting as comments from the White House, but central banks still have sway. They have a chance to share insights about the impact of tariffs, especially when they come from the world's most powerful central bank, the Fed.  

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025