Sun, June 16, 2024

Crude Oil Shows Strength with WTI at $80.34

Crude Oil Prices slump, US stocks grow

Quick Look:

  • WTI Crude Oil: Currently at $80.34 per barrel, a 9.40% YTD increase, with $80.50 as a breakout point.
  • Brent Crude Oil: Priced at $84.15 per barrel, a 6.44% YTD increase, with $84.50 as a key breakout level.
  • Support Levels: WTI at $78.50 (50-day EMA); Brent at $80, critical to avoid bearish momentum.

On Wednesday, the crude oil markets experienced a notable pullback during the early trading hours. However, as the day progressed, these markets demonstrated a significant potential to bounce back, reflecting underlying strength and resilience.

WTI Crude Targets $82.50, Support at $78.50

As of 9 a.m. ET, the price of West Texas Intermediate (WTI) crude oil stands at $80.34 per barrel. This marks a year-to-date increase of 9.40%, highlighting a robust upward trajectory. WTI has shown an impressive ability to break above the $80 level, consolidating its position. This consolidation suggests that the $80.50 mark could be a potential breakout. If WTI surpasses this point, the price might target the $82.50 level next. Conversely, the $78.50 mark, corresponding to the 50-day Exponential Moving Average (EMA), is a significant support level.

Short-term pullbacks in the WTI market could present valuable buying opportunities for investors. The market’s readiness to rise suggests that the upward momentum will likely continue unless a major unforeseen event occurs. Historical prices reveal that the 52-week low was $66.81, recorded on June 12, 2023, while the 52-week high was $95.52, achieved on September 27, 2023. Over the past three years, WTI has increased by 19.43%.

Brent Crude Reaches $84.15, Up 6.44% YTD

Brent crude oil is priced at $84.15 per barrel at 9 a.m. ET. This represents a year-to-date increase of 6.44% and a 24-hour increase of 1.29%. The $84.50 level is garnering significant attention as a potential breakout point. Should Brent break above this level, the next target could be $87. The critical support level for Brent is at $80; if the market were to fall below this threshold, it could signal substantial bearish momentum.

The Brent market’s cyclical nature means buyers often step in during pullbacks, taking advantage of lower prices. The high summer demand also suggests that prices may climb higher. Historical data shows that Brent reached an all-time high of $147.50 in July 2008. Over the past year, the 52-week low was $71.56 on May 31, 2023, and the 52-week high was $96.62 on September 27, 2023. During the pandemic, Brent prices plummeted to $25 per barrel in April 2020, while WTI fell to a shocking negative $40 per barrel.

Brent Targets $87, Support at $80

WTI and Brent crude oil markets exhibit strong potential for further price increases. The markets’ recent behaviour indicates that short-term pullbacks could provide strategic buying opportunities. Key support and resistance levels will be crucial in determining future price movements. Historical price trends underscore the inherent volatility of these markets, suggesting that investors could witness substantial gains or losses depending on market dynamics and external factors.

As the global energy landscape continues to evolve, monitoring these key levels and understanding market sentiment will be essential for stakeholders aiming to navigate the complexities of the crude oil market effectively.

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