The WTI Oil price fluctuated a little bit and is now close to 76.06 dollars per barrel. Oil prices have been under pressure due to the U.S. dollar’s recovery, and the market has become concerned about the banking crisis due to the First Republic Bank of the United States nearly 50% after-hours decline. The slight increase in drilling data for the United States also gave the bulls pause. Data, however, indicate a rise in U.S. oil demand and a decline in supply.
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Did EIA report moved WTI OIL price?
According to EIA data released on Friday, U.S. crude oil production dropped to 12.483 million barrels per day in February, the lowest level since December 2022. The amount of crude oil and refined oil products produced in the United States that meet demand increased to 19.997 million barrels per day, the highest level since November 2022. The US ISM manufacturing PMI data for April and news regarding the US banking industry should be closely monitored during this trading day.
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Regarding crude oil, the trend is still bearish. May’s pressure level for the monthly MA5 moving average is at the first line of 76.8, which is also where Liu Mingcheng entered and is still holding the short order at the end of last Friday. Take the band, if you can. The weekly MA10 moving average and daily MA60 moving average are both at 76.2 for short-term trends.
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The upper and lower rail ranges focused on 77.5-73.6 on the 4-hour cycle graph, and the upper rail resistance is close to the MA60 moving average weekly indicator and the 77.5 line. The crude oil Bollinger band gradually closed. On Friday, the Zigzag indicator provided a strong signal. This can be seen as a defensive stance at the start of the week. The crude oil trend is currently close to the upper rail resistance, favoring lower oil prices. The SAR parabola indicator is supported at 74.5 on the 4-hour intraday chart, and the operation of the 76.8-73.9 range can be seen at the start of the week. The red kinetic energy bar of the MACD entering the market on the indicator in the accompanying image started to wane, the KDJ stochastic indicator was giving a dead fork signal, and the RSI and STO indicators were essentially developing downward at the value of 80. Overall, there are risks associated with the price of crude oil. Today, the resistance at 76.8-77.5 is a concern for the top, and the support at 74.5-73.6 is a concern for the bottom. Operationally, it is advised to mostly short-sell and rebound, with some low and mostly.
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In the picture below you have the evolution of the WTI Oil price:
Whether Oil is going to hit $81 this week, is still unclear. One thing is for sure, the price will be volatile. The beginning of the month is starting with one special report that drives the markets, its NFP (Non-Farm Payrolls). Investors are keeping an eye on the report and the next Fed decision to increase or decrease its interest rate.
