West Texas Intermediate oil topside target rejected
West Texas Intermediate (WTI) crude oil rose on Friday as an increasing number of oil tankers diverted course from the Red Sea following air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.
However, the upside move was brief after the market rejected the topside target of around $75.00 a barrel.
In its closely followed report, U.S. energy firm Baker Hughes said last week the U.S. oil rigs fell by two to 499 this week, while gas rigs decreased by one to 117.
Based on the technical assessment, the Relative Strength Index (RSI) 3-day ‘lookback’ indicator is mixed.
The Moving Average Convergence Divergence (MACD) oscillator holds a weak positive bias. The ADX (trend) indicator supports a ranging market.
The topside rejection close to $75.50-75 is likely to be tested this week – but may continue to hold in the broader range of $68.40-60 to $75.50-75, with the start of the week mixed.
Daily Chart West Texas Intermediate (WTI)
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