EUR/USD 1.15425
0.027%
Gold 5012.02
0.117%
Oil 94.836
-0.402%
USD/JPY 158.829
-0.103%
GBP/USD 1.33618
0.050%
GBP/JPY 212.228
0.008%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Al Jazeera: Bahrain has activated an alert.Samsung Electronics shares rose more than 3%.March 18 - Japans Ministry of Finance announced on Wednesday that crude oil imports cleared through customs in February increased by 16.4% year-on-year. Preliminary data shows that Japan, the worlds fourth-largest crude oil importer, imported 2.64 million barrels per day (11.757 million kiloliters) of crude oil last month; liquefied natural gas (LNG) imports were 5.82 million tons, down 0.9% year-on-year; and imports of thermal coal for power generation fell 1.1% in February to 8.735 million tons.On March 18th, Futures News reported that Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.1%. This was mainly due to stronger international crude oil futures and the impending implementation of the US biofuel blending policy, which boosted Chicago soybean oil prices and lifted market sentiment. Rising international crude oil prices continued to support the soybean market. Irans attack on the United Arab Emirates exacerbated market concerns about potential supply disruptions due to a US-Israeli war against Iran. Media reports indicated that US President Trump invited farmers and biofuel producers to an event at the White House on March 27th, where the final rule on biofuel blending might be announced. This move also boosted investor optimism. AgResource stated that the US government plans to release the final rule on biofuel blending quotas by the end of March, increasing market expectations for increased demand for biofuel feedstocks such as soybean oil, injecting new vitality into the biofuel market.Market news: Explosions were heard at a US military base in Saudi Arabia.

WTI Price Analysis: The 100-SMA examines Oil bears near $79

Alina Haynes

Jan 30, 2023 15:25

 23.png

 

WTI crude oil stays in the red for the second consecutive day after retreating from a one-week high the previous day, with intraday losses of 0.30% near $79.30 as the European day begins on Monday.

 

In doing so, black gold pokes the 100-bar Simple Moving Average (SMA), which is approximately $79.20 at the time of publication.

 

The energy benchmark's decline may be related to the price's failure to cross the support-turned-resistance from January 12 in the early Asian session. Downward-sloping MACD signals and a sinking RSI (14) line could bolster the bearish stance.

 

Notably, a break below the 100-day simple moving average (SMA) at $79.20 may struggle to appease Oil bearish, as the $79.00 mark and the 200-day SMA, close to $78.15, could challenge the price's further decline.


Suggestion