Last week WTI price was in an uptrend, but the WTI price started to decline last Friday. On Monday, WTI was testing the uptrend, showing retreating signs from last week’s high of over $80 per barrel. Crude oil’s rally may have stalled for the moment, following rising inflation rates and last week’s weak economic data in the US. WTI is currently trading close to the 77.9 level and is testing the uptrend. If the trend is reversed, support can be found at the 74.3 level, while the 80.5 level offers resistance if the uptrend continues.
In the following days, traders should pay special attention to US inflation indicators, released on Wednesday and Thursday. Today, scheduled speeches from FOMC members and from Fed Chair Jerome Powell will be assessed by investors, in order to gauge the US central bank’s future policy. The price of oil and energy commodities, in general, may also be affected by the escalating situation between Russia and Ukraine. Russian and US officials met on Monday in Geneva but failed to find common ground, with Russia displaying an unyielding stance on the issue.
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