- WTI rises to a fresh high since September 2014.
- Markets remain panicked as Western leaders signal immediate fears of Russia invasion of Ukraine, Putting terms it ‘provocative speculation'.
- Rebound in yields, stock futures test buyers amid a quiet session, light calendar.
WTI crude oil prices remain firmer around $93.00, up 0.85% intraday after refreshing the multi-day peak during Monday’s Asian session. That said, the black gold rose to the fresh high since September 2021 while flashing a $93.17 level before a few minutes.
Comments from US President Joe Biden raised concerns of an imminent military attack by Russia over Ukraine. Not only the US but the UK and Eurozone leaders also flashed worrisome signals for the much-debated geopolitical event.
It’s worth noting, however, that Russian President Vladimir Putin termed any such claims as ‘provocative speculation’, per AFP News. However, market players seemed to not believe in Putin’s comments as Bloomberg said, “Standoff with Russia over Ukraine heads into most tense week yet.”
Amid these plays, the US 10-year Treasury yields lick their wounds around 1.95%, after shedding over 11 basis points (bps) the previous day. Further, the S&P 500 Futures print mild gains by the press time.
It’s worth noting that the recent indecision over the Fed’s rate hike and cautious optimism also underpins oil prices. Additionally, the OPEC+ members’ inability to match the production hike targets amid geopolitical concerns also favors the oil buyers.
Looking forward, WTI crude oil prices are likely depending upon heading concerning Russia invasion and Fed-rate-hike with weekly inventories and FOMC minutes will be the key data/events to watch for intermediate moves.
Technical analysis
An upward sloping trend line from July 2021, near $93.60, guards the immediate upside of WTI crude oil prices amid overbought RSI conditions. The pullback moves, however, remain elusive until staying beyond a six-week-old support line near $89.70.
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
EUR/USD trades at yearly lows below 1.0500 ahead of PMI data
EUR/USD stays on the back foot and trades at its lowest level since October 2023 below 1.0500 early Friday, pressured by persistent USD strength. Investors await Manufacturing and Services PMI surveys from the Eurozone, Germany and the US.
GBP/USD falls to six-month lows below 1.2600, eyes on key data releases
GBP/USD extends its losses for the third successive session and trades at a fresh fix-month low below 1.2600. This downside is attributed to the stronger US Dollar (USD) as traders continue to evaluate the Fed's policy outlook following latest data releases and Fedspeak.
Gold rises toward $2,700, hits two-week top
Gold continues to attract haven flows for the fifth consecutive day and rises toward $2,700. XAU/USD continues to benefit from risk-aversion amid intensifying Russia-Ukraine conflict. Investors keep a close eye on geopolitics while waiting for PMI data releases.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
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.