West Texas Intermediate (WTI) retreats from the $83 objective. A neutral stance is now maintained
West Texas Intermediate (WTI) oil prices dropped Wednesday after reaching multi-month highs in the previous session, and its objective at $83.00.
Earlier, the Federal Reserve's decision to maintain interest rates had a limited impact on oil markets, while economic data showed a rise in exports, increased refinery activity, and a larger-than-expected decrease in gasoline inventories, according to the Energy Information Administration (EIA).
Crude inventories dropped by 2 million barrels, contrary to analysts' expectations of a slight rise, with Cushing stocks decreasing by 18,000 barrels.
Based on technical analysis, the Relative Strength Index (RSI) holds a positive bias.
The Moving Average Convergence Divergence (MACD) oscillator holds a weak bullish bias. The ADX (trend) indicator supports a ranging market.
With the $83 objective recently reached, it's time to reassess, maintaining a neutral position.
Daily Chart West Texas Intermediate (WTI)
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