WTI rebounds to $92.00 level from recent $90.00 lows as Russia/Ukraine/NATO tensions escalate


  • WTI rebounded sharply on Thursday after Wednesday’s US/Iran negotiation progress headlines triggered a sharp drop.
  • Having been as low as $90.00 on Wednesday, WTI is now trading near $92.00 again thanks to escalating Russia/Ukraine/NATO tensions.
  • A long-term trendline continues to offer WTI support.

Oil prices have been choppy on Thursday, caught between the conflicting forces of progress towards a return to the 2015 Iran nuclear deal which could pave the way to a return of Iranian exports to global markets and geopolitical tensions. After Wednesday’s sharp pullback late in US trade on the US/Iran progress headlines that saw front-month WTI futures dip as low as a test of the $90.00 level, prices have seen a sharp recovery on Thursday. Reports of shelling in Eastern Ukraine between pro-Russia separatist forces and the Ukrainian military was the trigger for the rebound and, at current levels near the $92.00 mark, WTI is about $1.50 higher on the session.

For now, WTI is finding support at a long-term uptrend that has been in play all of 2022 thus far. If it wasn’t for Russia/Ukraine/NATO tensions, this support would probably have already been broken to the downside and, if there is de-escalation, may yet be broken. This would likely trigger technical selling and a quick slide under $90.00 and towards recent support in the $88.00s. But that’s a big if, and if Russia does invade Ukraine in some way in the coming days, as NATO leaders see as a very likely possibility, WTI prices would likely be propelled higher towards $100 per barrel.

WTI US Oil

Overview
Today last price 90.17
Today Daily Change 1.20
Today Daily Change % 1.35
Today daily open 88.97
 
Trends
Daily SMA20 88.07
Daily SMA50 80.91
Daily SMA100 79.42
Daily SMA200 74.6
 
Levels
Previous Daily High 93.07
Previous Daily Low 88.96
Previous Weekly High 93
Previous Weekly Low 87.44
Previous Monthly High 88.22
Previous Monthly Low 74.12
Daily Fibonacci 38.2% 90.53
Daily Fibonacci 61.8% 91.5
Daily Pivot Point S1 87.6
Daily Pivot Point S2 86.22
Daily Pivot Point S3 83.49
Daily Pivot Point R1 91.7
Daily Pivot Point R2 94.44
Daily Pivot Point R3 95.81

 

 

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