WTI steadies above $80 ahead of inventories report, US Inflation data


  • The Oil price exhibits a sideways move ahead of US oil inventory data.
  • US EIA is expected to show a drawdown in oil inventories for the second straight week.
  • Investors await the US core PCE inflation for fresh guidance on interest rates.

West Texas Intermediate (WTI) futures on NYMEX trade close to an eight-week high near $82.00 in Wednesday’s European session. The Oil price has remained bullish for almost three weeks on hopes of strong demand due to severe heatwaves in the Northern Hemisphere amid the summer vacation season. The summer season prompts energy demand, which is favorable for the Oil price.

Apart from the improved demand, oil supply disruptions due to Middle East tensions and the Russia-Ukraine war have also kept the Oil price buoyant. Reuters reported, “The Houthis have so far sunk two vessels and seized another, and said on Tuesday they used a missile to hit a vessel in the Arabian Sea.”

In Wednesday’s session, investors will focus on the United States (US) Energy Information Administration (EIA) crude Oil inventories data for the week ending June 21. The report is expected to show that there was a drawdown in Oil stockpiles by three million barrels.

For the broader demand outlook, investors await the US core Personal Consumption Expenditure price index (PCE) data for May, which will be published on Friday. Annually, the underlying inflation data is estimated to have softened to 2.6% from the prior release of 2.8%, with monthly figures growing at a slower pace of 0.1% from 0.2% in April.

Soft inflation numbers would boost expectations of early rate cuts by the Federal Reserve (Fed). This would eventually improve the Oil price’s appeal as lower interest rates prompt liquidity into the economy.

WTI US OIL

Overview
Today last price 81.15
Today Daily Change 0.61
Today Daily Change % 0.76
Today daily open 80.54
 
Trends
Daily SMA20 77.98
Daily SMA50 79.07
Daily SMA100 79.64
Daily SMA200 78.9
 
Levels
Previous Daily High 81.65
Previous Daily Low 80.35
Previous Weekly High 81.62
Previous Weekly Low 77.56
Previous Monthly High 81.25
Previous Monthly Low 76.04
Daily Fibonacci 38.2% 80.84
Daily Fibonacci 61.8% 81.15
Daily Pivot Point S1 80.04
Daily Pivot Point S2 79.54
Daily Pivot Point S3 78.74
Daily Pivot Point R1 81.35
Daily Pivot Point R2 82.15
Daily Pivot Point R3 82.66

 

 

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