WTI affects the Middle East and storms in the US
Oil prices were volatile but posted a second straight weekly gain last week as investors weighed potential supply disruptions in the Middle East and the impact of Hurricane Milton on fuel demand in Florida.
The price of West Texas Intermediate (WTI) crude oil for November delivery on the New York Mercantile Exchange decreased to 75.56 USD/barrel.
Although US President Joe Biden has advised against attacking energy facilities in OPEC's third largest producer, the possibility of prolonging the conflict in the Middle East and there are increasing signs of this spreading will make the market nervous.
Unrest in the Middle East has increased price volatility and prompted hedge funds to increase their net long positions.
At the same time, a statement from the US Treasury Department said that in response to Iran launching ballistic missiles towards Israel on October 1, the US is expanding sanctions on the oil and chemical industry. Iranian oil.
Hurricane Milton swept through Florida and into the Atlantic last Thursday, killing at least 10 people and leaving millions without power, putting pressure on prices.
Nearly a quarter of Florida's 7,912 gas stations were without fuel as of last Wednesday morning, as drivers stocked up on gas earlier this past week ahead of the storm.
Florida is the third largest gasoline consuming state in the US, but the state has no refineries and therefore must rely on imports.
On the daily chart,
USOIL slight correction after recovery and limited by the 0.50% Fibonacci retracement level.
Up to now, WTI crude oil still has technical price increasing conditions with the main trend from the price channel, main support from EMA21. The confluence of the lower edge of the price channel and the 0.382% Fibonacci retracement level is the closest current support for WTI crude oil on the daily chart.
If WTI crude oil breaks above the 0.50% Fibonacci level, it will have conditions to continue rising with the target level then being around 79.03USD.
As long as WTI crude oil remains above the EMA21, it remains technically bullish in the short term, and the highlights are listed below.
Support: 73.77 – 72.39USD
Resistance: 76.40 – 76.84USD
The price of West Texas Intermediate (WTI) crude oil for November delivery on the New York Mercantile Exchange decreased to 75.56 USD/barrel.
Although US President Joe Biden has advised against attacking energy facilities in OPEC's third largest producer, the possibility of prolonging the conflict in the Middle East and there are increasing signs of this spreading will make the market nervous.
Unrest in the Middle East has increased price volatility and prompted hedge funds to increase their net long positions.
At the same time, a statement from the US Treasury Department said that in response to Iran launching ballistic missiles towards Israel on October 1, the US is expanding sanctions on the oil and chemical industry. Iranian oil.
Hurricane Milton swept through Florida and into the Atlantic last Thursday, killing at least 10 people and leaving millions without power, putting pressure on prices.
Nearly a quarter of Florida's 7,912 gas stations were without fuel as of last Wednesday morning, as drivers stocked up on gas earlier this past week ahead of the storm.
Florida is the third largest gasoline consuming state in the US, but the state has no refineries and therefore must rely on imports.
On the daily chart,
USOIL slight correction after recovery and limited by the 0.50% Fibonacci retracement level.Up to now, WTI crude oil still has technical price increasing conditions with the main trend from the price channel, main support from EMA21. The confluence of the lower edge of the price channel and the 0.382% Fibonacci retracement level is the closest current support for WTI crude oil on the daily chart.
If WTI crude oil breaks above the 0.50% Fibonacci level, it will have conditions to continue rising with the target level then being around 79.03USD.
As long as WTI crude oil remains above the EMA21, it remains technically bullish in the short term, and the highlights are listed below.
Support: 73.77 – 72.39USD
Resistance: 76.40 – 76.84USD
ملاحظة
The IEA emphasized that the oil market is currently focused on further developments from Israel, especially the possibility of attacks on Iran's key energy infrastructure. Iran's Kharg Island export port, with a capacity to transport 1.6 million barrels of crude oil per day, mainly to China, is the focus of concern. In addition, the risk of spreading conflict to the strategic Strait of Hormuz also receives special attention.ملاحظة
ملاحظة
Crude oil prices returned to a weakening trend with the appearance of falling price models. Demand trends from China further reinforce these technical signals as the country's imports are down 350,000 barrels/day this year.ملاحظة
Long-standing geopolitical tensions in the Middle East have cooled following the announcement from President Biden of a ceasefire agreement between Lebanon and Israel. This development caused crude oil prices to be unable to maintain a slight recovery on Tuesday from the bottom of more than a week
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