West Texas Intermediate (WTI) prices settled lower, registering a weekly loss attributed to a stronger U.S. Dollar
West Texas Intermediate (WTI) oil prices closed lower on Friday, ending the week with a loss due to a stronger U.S. Dollar.
Despite this, prices remained near four-month highs seen earlier in March, supported by expectations of tighter global supplies and improving demand.
U.S. inventories unexpectedly decreased, and major OPEC members signalled reduced oil exports.
The market also responded positively to U.S. manufacturing activity exceeding expectations in March.
Looking ahead, the focus will be on U.S. GDP figures on Thursday and the PCE Price Index release on Friday, with investors closely watching for insights into potential Fed rate cuts and US growth trends.
Oil rig counts in the US fell slightly, but expectations are for increased refinery activity to support demand in the summer.
Based on technical analysis, the Relative Strength Index (RSI) holds a negative bias.
The Moving Average Convergence Divergence (MACD) oscillator is mixed. The ADX (trend) indicator supports a ranging market.
Traders should reassess at key levels and adjust strategies as the bearish trend may strengthen, especially after reaching and rejecting the $83 objective.
The assessment now suggests a decline to $78.70-80, which, if reached, could trigger a bullish response.
Daily Chart West Texas Intermediate (WTI)
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