- WTI is seeing some back-and-forth for Friday.
- US Crude Oil barrels bounding between $85.00 and $83.00 per barrel.
- Oil markets remain concerned about Middle East tensions, but global slowdown hard to ignore.
West Texas Intermediary (WT) Crude Oil barrels are seeing some tension in the midrange on Friday, in play between $85.00 and $83.00 USD per barrel as energy markets spread their bets to the middle.
Oil markets continue to roil as Middle East headlines print across the tape, and barrel traders remain focused on developments in the Gaza Strip conflict.
Two separate Egyptian Red Sea towns were hit by errant projectiles early Friday, perfectly highlighting global markets' concerns about potential spillover into neighboring regions in the escalating Israel-Hamas conflict.
Israel is facing global pushback on their planned full-scale invasion of Gaza, and so far has not executed their strategy, but Israeli forces still saw their largest ground attack of the contested region on Friday.
On Thursday Iran's Foreign Minister Hossein Amirabdollahian threatened intentional geopolitical turmoil while at the United Nations (UN), stating that the United States would "not be spared from this fire" if Israel continued to attack Hamas forces.
The current escalation was sparked by a Hamas rocket barrage three weeks ago that set a record for the number of people killed in a single attack up to that point.
Despite geopolitical tensions spilling out from the Jordan region, energy investors are having a hard time ignoring hardening signs of global growth weakness, and concerns are mounting in fossil fuels that demand for Crude Oil barrels is going to slump in the coming months.
WTI Technical Outlook
WTI Crude Oil is currently strung up in consolidation with candlesticks trading firmly inside familiar daily ranges. US Crude Oil is currently down almost 5% for the week as WTI cycles $84.00 per barrel.
$82.00 is proving to be a significant technical support level, while a bearish breakdown will see barrel bids challenging the 200-day Simple Moving Average (SMA) currently parked near $78.00.
On the top side, the last swing high sits just shy of the $90.00 major psychological level, while a break above 2023's ceiling of $93.98 would see WTI setting a 14-month high at the $94.00 handle.
WTI Daily Chart
WTI Technical Levels
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
Editors’ Picks
AUD/USD looks at the RBA for near-term direction
AUD/USD resumed its rebound and briefly surpassed the 0.6600 barrier on the back of the renewed and marked resurgence of the downward bias in the US Dollar. Investors, in the meantime, expect the RBA to keep its rates unchanged on Tuesday.
EUR/USD: Price action hinges on the US election and the Fed
EUR/USD managed to trespass the key 1.0900 hurdle and print new highs following the Greenback’s offered stance as investors warmed up for the US election and the FOMC event later in the week.
Gold trades around $2,730
Gold price is on the defensive below $2,750 in European trading on Monday, erasing the early gains. The downside, however, appears elusive amid the US presidential election risks and the ongoing Middle East geopolitical tensions.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum (ETH) is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.