FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Brent WTI Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied towards the $75 level early during the trading session on Wednesday, only to give up those gains and go crashing into the $72 level. This is mainly in reaction to the latest rumor of the moment, that the United Arab Emirates is threatening to open up the spigot and start pumping more oil into the marketplace in order to diversify its economy. As OPEC+ has not been able to come up with some type of agreement, we could continue to see bearish pressure.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

To the downside, the 50 day EMA is sitting at the $69 level, and of course we also have the $70 level just above that could offer support as well. After that, the market then goes looking towards the $67.50 level which was the top of the ascending triangle.

Advertisement

Crude Oil Video 08.07.21

Brent

Brent markets have initially tried to rally as well, reaching above the $75 level. The market has broken down from that area to reach down towards the $73 level, and we also have the 50 day EMA underneath there reaching towards the upside. All things being equal, this is a market that I think continues to see buyers on dips, but we need to find out whether or not the UAE is in fact going to come to some type of agreement or not. The $70 level underneath would be the “floor the market”, as it was a major resistance barrier before and where we had broken out above most recently. Ultimately, this is a market that is going to remain very noisy at this point.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker