Chat with us, powered by LiveChat

Elija el país y el idioma:

Close Icon

WTI price volatile as geopolitical tensions persist

Home >  Daily Market Digest >  WTI price volatile as geopolitical tensions persist

detail_image_market
author_img

Written by:
Myrsini Giannouli

17 February 2022
Share the article

Oil prices jumped to an eight-year high last week, amid growing fears of a Russian invasion against Ukraine. The US warned of an imminent attack against Ukraine and oil prices soared after the announcement. The US President, Joe Biden, had an hour-long discussion with his Russian counterpart Vladimir Putin on Saturday, in what was widely seen as a last-ditch effort to avert a Russian invasion of Ukraine, but it was reported that the call brought “no fundamental change” to the issue. The US State Department warned that an attack against Ukraine might take place at any time, while many countries, including the US, the UK, and Israel are warning citizens to leave Ukraine and are evacuating personnel from their embassies. Oil price benefitted from mounting geopolitical tensions and WTI rose almost to $96 per barrel on Monday.

On Tuesday, however, Russia stated that it would remove some of its troops from the Ukrainian border, in a move that was seen as an attempt to defuse the crisis. Oil prices dropped rapidly after the announcement, reaching $90.7 per barrel. NATO however expressed doubts that there was the withdrawal of Russian troops and the situation remains critical. WTI climbed early on Wednesday, reaching almost $95 per barrel, as the de-escalation of the Russia – Ukraine crisis seems as yet uncertain. WTI price plummeted later in the day, going as low as $90 per barrel. WTI is still trading in an uptrend, but in case the uptrend is reversed, support may be found at the $82.4 per barrel level and further down around $78.8 per barrel and $77.8 per barrel.

The price of oil has been increasing over the past months, as existing international inventories are at their lowest levels in seven years and supply is trying to catch up with rising demand. According to recent OPEC estimates, oil demand will reach pre-pandemic levels within the year. Even though OPEC+ has agreed to increase its output by 400,000 barrels per day, some of its member countries struggle to meet their output goal, raising doubts on whether the organization will be able to deliver the amount promised. 

All eyes are going to be on the Russia – Ukraine crisis this week, as there have been hints from the US State Department that an escalation of the crisis was expected on Wednesday. If the crisis is diffused though, and the issue moves towards a peaceful resolution, oil prices might drop.

WTI 1hr chart

TRADE WTI

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.

author_img

Written by:
Myrsini Giannouli

Share the article:

Latest news

main_image_market

Dollar steady ahead of key US economic data

Myrsini Giannouli 28 March 2024
main_image_market

Gold prices advance as US treasury yields decline

Myrsini Giannouli 28 March 2024

Oil prices rise on lower-than-expected US stockpiles

Myrsini Giannouli 28 March 2024

Bitcoin struggles to maintain key $70,000 level

Myrsini Giannouli 28 March 2024
Por qué TopFX
10-years
13+ años

presencia en el sector como proveedor de liquidez

Spreads
Spreads desde 0.0 pips

y una ejecución fiable

Segregated
Fondos de clientes

segregados

First-class
La mejor

atención al cliente

Abra su cuenta real en 3 pasos
Paso 1

Rellene el formulario
de registro y pulse en
"Crear cuenta".

Paso 2

Una vez esté en la zona segura de cliente, por favor proceda a cargar su prueba de identidad y prueba de dirección.

Paso 3

Cuando su cuenta real se apruebe, ¡puede depositar fondos y empezar a operar en la plataforma que quiera!

IMPORTANTE

El sitio web que está viendo ahora es operado por TopFX Global Ltd, una entidad regulada por la Autoridad de Servicios Financieros (FSA) de Seychelles con una Licencia de Agente de Valores No SD037 que no está establecida en la Unión Europea o regulada por una Autoridad Nacional Competente de la UE.

Si desea continuar, confirme que su decisión será por su propia iniciativa exclusiva, y que TopFX, o cualquier otra entidad dentro del Grupo no han realizado ninguna solicitud.

No volver a mostrar este mensaje

Cookies en TopFX

La página web de TopFX usa cookies para optimizar la experiencia del usuario.

Estas cookies pertenecen a las siguientes categorías: esenciales, funcionales y publicitarias. Las cookies publicitarias también pueden incluir cookies de terceros.

Administrar preferencias

Puede personalizar su selección de las cookies que desea aceptar.

  • Esenciales

    Estas cookies son necesarias para que la página web funcione correctamente y no se pueden desactivar.

  • Funcionales

    Las cookies funcionales permiten que la página web recuerde las preferencias de los usuarios y las elecciones que hagan en la página web, como el nombre de usuario, la región y el idioma.

  • Publicitarias

    Estas cookies se utilizan para rastrear a los visitantes en nuestros sitios web y mostrarle anuncios más relevantes. Las cookies de marketing también incluyen cookies de terceros de socios. Para obtener más información relacionada con la protección y recopilación de datos, consulte nuestra Política de privacidad y Divulgación de cookies.