Oil was slow on Thursday after having a very good run on Wednesday. WTI price climbed to over $82.5 per barrel on Wednesday reaching a 2-month high, but lost its upwards momentum on Thursday, trading sideways around $82.2 per barrel. WTI broke through the $80.5 per barrel resistance on Tuesday, and if it continues its uptrend, it may find resistance at the $85.7 per barrel level. In case the trend is reversed, support may be found at the $74.3 per barrel level.
WTI price is still very high and has reached pre-pandemic levels, as it is gradually becoming clear that the spread of the Omicron strain of Covid-19 does not affect demand for oil significantly. In addition, the threat of a potential invasion on Ukraine by Russia affects the energy market, especially gas and may create an energy crisis if it escalates.
Calendar events that may affect the price of oil tomorrow include the release of US economic indicators and especially Monthly Retail and Core Retail Sales, and the Preliminary UoM Consumer Sentiment data.
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