WTI remains under selling pressure below $81.00 amid unexpected oil stockpile build

WTI trades in negative territory for the fourth consecutive day near $80.80 on Wednesday.
The unexpected Crude oil stockpiles build in the US weigh on WTI prices.
The rising Middle East tensions might raise the fear of oil supply disruption, lifting WTI.

Lallalit Srijandorn FXStreet

Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.80 on Wednesday. The black gold edges lower on rising crude inventories in the United States and easing geopolitical tensions in the Middle East.

Crude oil inventories in the United States for the week ending April 26 rose by 4.906 million barrels from a 3.23 million barrel draw in the previous week. The market consensus estimated that stocks would decrease by 1.5 million barrels, according to the American Petroleum Institute (API) on Wednesday.

Traders increase their bets that the Federal Reserve (Fed) might delay the interest rate cut and maintain the current benchmark rate for longer amid the robust economy and sticky inflation in the US. This might lead to a stronger US Dollar (USD) and exert some selling pressure on the USD-denominated oil.

Furthermore, the hope that a ceasefire agreement between Israel and Hamas might be in reach, reduces the fear of a wider conflict in the Middle East. However, Israeli Prime Minister Benjamin Netanyahu downplayed expectations that a proposed hostage deal would prevent an attack on the southern Gaza city of Rafah, per CNBC. The escalating geopolitical tensions in the Middle East might raise concern about oil supply disruption in the region and boost the price of black gold.

WTI US OIL

Overview
Today last price	80.86
Today Daily Change	-0.36
Today Daily Change %	-0.44
Today daily open	81.22

Trends
Daily SMA20	83.95
Daily SMA50	81.39
Daily SMA100	77.69
Daily SMA200	79.83

Levels
Previous Daily High	83.02
Previous Daily Low	80.69
Previous Weekly High	84.18
Previous Weekly Low	80.62
Previous Monthly High	87.12
Previous Monthly Low	80.62
Daily Fibonacci 38.2%	81.58
Daily Fibonacci 61.8%	82.13
Daily Pivot Point S1	80.27
Daily Pivot Point S2	79.32
Daily Pivot Point S3	77.94
Daily Pivot Point R1	82.6
Daily Pivot Point R2	83.97
Daily Pivot Point R3	84.92

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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