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

 

 

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