WTI was slow early on Wednesday, but still on an uptrend, following the Fed Chair’s testimony. Crude Oil and WTI prices reached a 2-month high and are near the highest levels recorded since the outbreak of the Covid pandemic. WTI broke through the $80.5 per barrel resistance on Tuesday, and continued its ascend, reaching $82 per barrel on Wednesday morning.
After the release of the US CPI rates, WTI price climbed even further and is currently trading at $82.8 per barrel. Oil is on a bullish run, as fears over the Omicron strain diminish and distributors see a return to pre-pandemic demand levels. WTI price is expected to continue its uptrend and can find resistance at $85.7 per barrel. In case the trend is reversed, support can be found at the $74.3 per barrel level.
US inflation and economic indicators that are scheduled to be released on Thursday are expected to affect the price of Oil. Monthly Producer Price Index and Core PPI are leading indicators of inflation, while Unemployment Claims give an indication of the state of the economy in the US and often influence future monetary policy.
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