tradingkey.logo

WTI holds above $80.00 amid geopolitical risks, demand optimism

FXStreetJun 24, 2024 6:02 AM

  • WTI price edges higher to $80.50 on Monday.
  • The escalating Middle East geopolitical tensions and hope for a summertime uptick in fuel demand support the WTI price. 
  • The renewed US Dollar demand might cap the upside for black gold.


West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $80.50 on Monday. The black gold edges modestly higher on the back of ongoing geopolitical tensions in the Middle East and the expectation of a summer uptick in oil demand. 

Investors are concerned about a wider conflict in the Middle East that could endanger crude flows from the region, which boost the WTI price. The UN Secretary-General said on Sunday that a full-scale war between Israel and Hezbollah would be a catastrophe. Additionally, the Anadolu news agency reported that several Palestinian children and women were killed and injured overnight Saturday in Israeli air strikes that targeted two homes in Gaza City.

Furthermore, the hope for a summertime uptick in fuel demand for cooling and travel purposes could further support WTI prices. JPMorgan reported that global oil demand rose by 1.4 million bpd in June, supported by robust summer travel across Europe and Asia.

On the other hand, the stronger US Dollar (USD) after the US S&P PMI data for June and the hawkish stance of Federal Reserve (Fed) officials is likely to support the black gold. The Fed policymakers noted that the US central bank needs to see more progress on inflation before considering a rate cut. The higher-for-longer US  rate narrative continues to weigh on WTI prices as it increases the cost of borrowing, which can dampen economic activity and oil demand.


WTI US OIL

Overview

Today last price

80.48

Today Daily Change

0.04

Today Daily Change %

0.05

Today daily open

80.44

 

Trends

Daily SMA20

77.8

Daily SMA50

79.23

Daily SMA100

79.47

Daily SMA200

78.99

 

Levels

Previous Daily High

81.62

Previous Daily Low

80.21

Previous Weekly High

81.62

Previous Weekly Low

77.56

Previous Monthly High

81.25

Previous Monthly Low

76.04

Daily Fibonacci 38.2%

80.75

Daily Fibonacci 61.8%

81.08

Daily Pivot Point S1

79.89

Daily Pivot Point S2

79.34

Daily Pivot Point S3

78.47

Daily Pivot Point R1

81.3

Daily Pivot Point R2

82.17

Daily Pivot Point R3

82.72
Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Related Instruments

Recommended Articles

tradingkey.logo
tradingkey.logo
Intraday Data provided by Refinitiv and subject to terms of use. Historical and current end-of-day data provided by Refinitiv. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.