WTI managed to hold on to last week’s gains, although there was little fluctuation in its price on Monday. WTI has been on an uptrend since last month, with prices returning to pre-pandemic levels as Omicron fears abate and supply cannot keep up with rising demand in the winter months. Some OPEC & partners have failed to reach their monthly target output, showing that supply cannot be ramped up again easily. The looming threat of a Russian invasion in Ukraine also keeps the price of the commodity up, as fears of a potential energy crisis grow.
WTI broke through the $80.5 per barrel resistance last week, and is currently testing the $84.5 resistance. if it continues its uptrend, it may find further resistance at the $85.7 per barrel level. In case the trend is reversed, support may be found at the $76.8 per barrel level.
Calendar events that may affect the price of oil tomorrow include the release of US economic indicators and especially the Empire State Manufacturing Index, which is an important economic indicator, as it reflects economic health and future economic activity. Traders should also keep an eye on geopolitical developments and especially the Russia-Ukraine crisis, which may affect oil price.
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