WTI Price Analysis: Recovers early lost ground and climbs back closer to mid-$82.00s – by hareshmenghani Oil Commodities Technical Analysis WTI
YTD peak, around the $84.30-$84.35 region touched last Thursday. The black liquid, however, manages to recover a major part of its intraday losses and trades around the $82.35 region during the early European session, down only 0.20% for the day.
Concerns that slowing economic growth in China - the world's top oil importer - will dent fuel demand turn out to be a key factor weighing on Oil prices. Apart from this, the underlying bullish sentiment surrounding the US Dollar , bolstered by expectations that the Federal Reserve will keep interest rates higher for longer, exerts some pressure on the US Dollar-denominated commodity.
Crude Oil prices might then aim to surpass an intermediate hurdle near the $83.70 region and aim to reclaim the $84.00 mark. The upward trajectory could get extended further towards retesting the $84.30-$84.35 zone, or the highest level since November 2022, en route to the $85.00 psychological mark and the ascending trend-channel resistance, currently pegged just below mid-$85.00s.
On the flip side, the daily low, around the $82.00 mark, now seems to protect the immediate downside. This is followed by the lower end of the aforementioned trend channel, around the $81.30-$81.25 region, which should act as a strong base and a key pivotal point for Oil prices. A convincing break below might shift the near-term bias in favour of bearish traders and pave the way for some meaningful corrective decline. The black liquid might then weaken further below the $81.00 mark and the $80.
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