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.
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.
Fill in the registration
form and click
Once you are in the client secure area, please proceed with uploading your Proof of Identity and Proof of Residence.
When your live account is approved, you can deposit funds and start trading on your chosen platform!
The website you are now viewing is operated by TopFX, a trade name of Fondex Limited, an entity which is regulated by the Financial Services Authority (FSA) of Seychelles with a Securities Dealer License No SD037 that is not established in the European Union or regulated by an EU National Competent Authority.
If you wish to proceed, please confirm that your decision will be at your own exclusive initiative and that no solicitation has been made by TopFX or any other entity within the Group.
These cookies fall under the following categories: essential, functional and marketing cookies. Marketing cookies may also include third-party cookies.