Free Trial

WTI Hits Softest Level In A Little Over A Weak, Bullish Technical Theme Intact

OIL

WTI crude futures are around $0.50 softer at typing, after briefly trading at the lowest level seen since last Monday ($81.68).

  • Our commodities team has attributed the downtick to the Gulf oil producing region largely evading the impact of Hurricane Beryl after it made landfall in Texas on July 8.
  • Out technical analyst suggests that a bull cycle in WTI futures remains in play, with the latest pullback appearing to be a correction.
  • Initial resistance located at the July 5 high ($84.52), while initial support is seen at the 50-day EMA ($79.63).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.