WTI oil continues to rise strongly and standing around $116 per barrel in early Thursday’s trading.
Extremely volatile market conditions are unlikely to ease as war in Ukraine extends into eight day, boosting turmoil in the global energy markets, which fears of stronger supply shortages that would further lift oil prices.
US crude and fuel stocks fell last week by 2.6 million barrels, against expected build by 2.7 million barrels, following release of strategic reserves in attempts to cool the prices and strong demand from refiners that add to oil prices upward momentum.
On the other side, OPEC+ group stick to its plans for only a small increase in crude oil output in April, despite the worsened situation in the oil market due to the war and sanctions against Russia.
WTI contract price surged over 20% in the last three days, as sanctions started to bite after buyers from Europe and Asia stopped buying Russian oil.
Fresh extension higher probed above pivotal Fibo level at 114.05 (61.8% of 2008 / 2020 147.26/6.52 fall) and another key barrier at 114.80 (May 2011 high), with sustained break here to generate fresh technical bullish signal and expose psychological $120 barrier, while bulls are supported by deteriorating geopolitical conditions.
Potential dips on overbought daily studies are expected to provide better buying opportunities, with broken 110 barrier now offering solid support, followed by Fibo levels at 105.40 and 102.
Res: 116.50; 117.24; 120.00; 120.36.
Sup: 112.00; 110.58; 110.00; 108.69.
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