West Texas Intermediate (WTI) reverses its downward movement
West Texas Intermediate (WTI), the U.S. crude oil benchmark, rose on Thursday due to expectations of tighter supplies, especially with reduced Russian production.
Prices were supported by ongoing production cuts by Russia, Saudi Arabia, and other OPEC members and diminished fuel supplies in Russia following Ukraine's attacks on its refineries.
Eyes now turn to this Thursday’s U.S. Gross Domestic Product Annualized (Q4), with the U.S. February (PCE) data following on Friday, coinciding with the market holiday for Good Friday.
Based on technical analysis, the Relative Strength Index (RSI) has rebounded and is positive.
The Moving Average Convergence Divergence (MACD) oscillator is mixed/positive. The ADX (trend) indicator supports a ranging market.
As prices fluctuate within a mixed trend bias, the near-term cap remains around $83.
Traders should reassess positions at key levels and adapt strategies, considering the potential return of a bearish trend.
Near-term support is around $79.80-90; reaching this level could trigger a bullish response.
Daily Chart West Texas Intermediate (WTI)
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