Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

Futures on US West Texas Intermediate Crude Oil eased from an 87 1/2-month peak on Thursday, as the US Dollar advanced to a fresh six-week high and US Treasury yields rose after the Federal Reserve signaled a March interest rate hike.

The US Dollar Index, which reflects the relative strength of the greenback against a basket of six other major currencies, was edging up 0.35% to 96.816 on Thursday. Earlier in the trading session the DXY climbed as high as 96.858, or its highest level since December 15th 2021 (96.906).

A stronger US dollar makes dollar-denominated oil more expensive for international investors holding other currencies.

Yesterday both WTI and Brent reached highs unseen since October 2014 amid tensions between Ukraine and Russia, the second-largest oil producer worldwide, which raised concerns of energy supply disruptions to Europe.

Commonwealth Bank analyst Vivek Dhar noted that efforts by OPEC+ members to increase supply were not materializing, while demand had not been affected as severely by the rapid Omicron spread as earlier feared.

OPEC’s planned supply boost target was missed in December due to capacity constraints limiting supply.

“Continued supply challenges and mounting Russia-Ukraine tensions continue to support crude oil prices. It is down slightly today but I think it is nothing more than a technical move,” Howie Lee, an economist at OCBC in Singapore, was quoted as saying by Reuters.

As of 10:16 GMT on Thursday WTI Crude Oil Futures were inching up 0.07% to trade at $87.41 per barrel. Yesterday the black liquid rose as high as $87.95 per barrel, which has been its strongest price level since October 9th 2014 ($87.95 per barrel).

At the same time, Brent Oil Futures were edging up 0.47% on the day to trade at $90.12 per barrel. Yesterday the commodity rose as high as $90.42 per barrel, which has been its strongest price level since October 10th 2014 ($90.42 per barrel).

Daily Pivot Levels (traditional method of calculation) – WTI Crude Oil Futures

Central Pivot – $86.77
R1 – $88.53
R2 – $89.71
R3 – $91.47
R4 – $93.23

S1 – $85.59
S2 – $83.83
S3 – $82.65
S4 – $81.47

Daily Pivot Levels (traditional method of calculation) – Brent Oil Futures

Central Pivot – $89.31
R1 – $90.81
R2 – $91.92
R3 – $93.42
R4 – $94.92

S1 – $88.20
S2 – $86.70
S3 – $85.59
S4 – $84.48

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: EUR/NOK daily forecastForex Market: EUR/NOK daily forecast During yesterday’s trading session EUR/NOK traded within the range of 8.1274-8.1911 and closed at 8.1658.At 6:51 GMT today EUR/NOK was gaining 0.01% for the day to trade at 8.1704. The pair touched a daily high at 8.1762 at 6:15 […]
  • USD/CAD slid after US dataUSD/CAD slid after US data On Thursday after reaching session high against the Canadian dollar, US dollar lost ground after the release of disappointing economic data from United States.USD/CAD pair hit 1.0390, highest value for current session, but later recorded a […]
  • Forex Market: EUR/USD snaps three days of declines as investors confidence in the EZ surges to a three-year highForex Market: EUR/USD snaps three days of declines as investors confidence in the EZ surges to a three-year high The euro snapped three days of losses against the US dollar, after data showed investors confidence in the euro area rose this month to the highest in three years. However, gains were limited as last week European Central Bank President Mario […]
  • Minim appoints Jeremy Hitchcock as Executive ChairmanMinim appoints Jeremy Hitchcock as Executive Chairman Minim Inc, the creator of home networking products and software under the Motorola brand, said last week it had appointed Jeremy Hitchcock as its Executive Chairman, effective immediately.Hitchcock is to succeed Mehul Patel who has […]
  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Fridays trade saw GBP/USD within the range of 1.5345 - 1.5234. The pair closed the day 0.16% lower at 1.5291, falling for a sixth straight session and settling the week 1.28% lower.At 07:09 GMT today GBP/USD was down 0.05% for the day to […]
  • Crude oil trading outlook: futures fall on US supply data, OPEC expectations dividedCrude oil trading outlook: futures fall on US supply data, OPEC expectations divided West Texas Intermediate and Brent crude fell in early European trading on Wednesday after private supply data showed a larger-than-expected build in US crude oil inventories last week. Brent remained near the lowest in more than four years as […]