WTI oil prices stabilise despite Middle East tensions and U.S. inventory rise. Traders eye U.S. PPI data to support Wednesday's CPI data spike
West Texas Intermediate (WTI) crude prices hold steady near five-month highs amid ongoing Middle East tensions despite a significant increase in U.S. oil inventories.
Official data showed a surprising 5.8-million-barrel build, signalling potential easing in global oil supplies.
In March, (CPI) exceeded expectations, leading to reduced expectations of multiple rate cuts by the Federal Reserve this year. Investors will now focus on Thursday's release of the Producer Price Index (PPI), which could corroborate Wednesday's (CPI) data.
Technical indicators have broken down, with the RSI 3-day showing a negative bias, while the MACD is mixed, and ADX indicates a ranging market.
Traders should reassess positions amidst the mixed price action risk, with immediate support at $84.20-25 potentially leading to a decline toward $83.70-85.
Re-evaluation is advised at that point. Viewing the topside resistance is seen from $86.60-70.
Daily Chart West Texas Intermediate (WTI)
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