empty
08.07.2024 01:37 PM
WTI - West Texas Intermediate. Review and analysis

This image is no longer relevant

The price of West Texas Intermediate WTI crude oil continues to decline, trading just above the level of $82.00 per barrel.The decrease is explained by the easing of geopolitical tensions in the Middle East, taking into account the prospects for a ceasefire in the Gaza Strip. Such an event has reduced concerns about supply disruptions. According to Reuters, discussions on the U.S. plan for a cease-fire and an end to the nine-month conflict in the Gaza Strip are continuing. Qatar and Egypt are acting as mediators in the negotiations.The decline in oil prices may stop due to potential disruptions in energy supplies to the United States against the background of tropical storm Beryl. On Sunday, in preparation for Hurricane Beryl, ports in Corpus Christi, Houston, Galveston, Freeport, and Texas City were closed. Reuters reports that the storm will hit the mid-Texas coast between Galveston and Corpus Christi later today.Additionally, Friday's weaker-than-expected employment data in the US increased the likelihood of the Federal Reserve lowering interest rates sooner than September. Lower Fed rates could help improve business conditions in the US, the largest oil consumer, thereby supporting demand for crude oil.In June, the number of jobs in the US non-farm sector increased by 206,000, following a May increase of 218,000. This figure exceeded market expectations of 190,000. Consequently, in June, the US unemployment rate rose to 4.1% from May's 4.0%. The average hourly earnings on an annual basis in June fell to 3.9% from the previous value of 4.1%, matching market expectations.According to CME's FedWatch Tool, the probability of a rate cut in September is 70.7%, compared to 64.1% a week earlier. Reuters reports that the dollar faced challenges as Federal Reserve Chairman Jerome Powell stated last week that the Central Bank is returning to a path of disinflation.

This image is no longer relevant

From a technical perspective, oscillators on the daily oil chart are in positive territory, and the price is far from the 100-day and 200-day SMA, suggesting that oil may remain above the round level of 82.00.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD. What Do the June Nonfarm Payrolls Tell Us?

The U.S. labor market report published on Thursday turned out to be quite contradictory, although the market interpreted it in favor of the American currency. Looking ahead, it is worth

Irina Manzenko 00:48 2025-07-04 UTC+2

USD/JPY. Analysis and Forecast

The USD/JPY pair remains under pressure despite the U.S. dollar posting moderate gains for a second consecutive day, approaching the 144.00 level. Improved global risk sentiment following the trade agreement

Irina Yanina 15:01 2025-07-03 UTC+2

XAU/USD. Analysis and Forecast

Gold prices are struggling to gain momentum after a moderate intraday rebound from the $3340 level. Traders remain cautious, preferring to await the release of the U.S. Nonfarm Payrolls (NFP)

Irina Yanina 12:21 2025-07-03 UTC+2

EUR/JPY. Analysis and Forecast

consecutive day, once again approaching the yearly high reached earlier this week.The trade agreement between the United States and Vietnam has eased concerns over a prolonged trade conflict, increasing investor

Irina Yanina 12:13 2025-07-03 UTC+2

Good News Will Support Stock Markets and Token Demand (Potential Upside for Bitcoin and #NDX)

The market has ignored extremely weak employment data from ADP, focusing its attention on other factors. The ADP report released on Wednesday showed a significant slowdown in the U.S. private

Pati Gani 10:40 2025-07-03 UTC+2

Trump Targets China Through Vietnam

Yesterday, it was revealed that President Donald Trump had reached a trade agreement with Vietnam. This came after several weeks of intense diplomatic negotiations between the two countries and just

Jakub Novak 10:00 2025-07-03 UTC+2

A Wake-Up Call for the U.S. Economy

Yesterday's U.S. employment data served as a wake-up call for the American economy. According to the report, the number of employed persons declined in June for the first time

Jakub Novak 09:55 2025-07-03 UTC+2

The Market Bets on Profits

The market remains confident in a positive future. It hears only what it wants to hear. Negative news is ignored, allowing the S&P 500 to set new records. It doesn't

Marek Petkovich 09:35 2025-07-03 UTC+2

What to Pay Attention to on July 3? A Breakdown of Fundamental Events for Beginners

A significant number of macroeconomic reports are scheduled for release on Thursday, including some key reports. As a reminder, U.S. labor market and unemployment data are typically released on Friday

Paolo Greco 06:53 2025-07-03 UTC+2

GBP/USD Overview – July 3: Jerome Powell Finally Responded to Trump

The GBP/USD currency pair plummeted on Wednesday like a stone. However, every drop in the pair eventually gives way to a much stronger rise. Therefore, at this point, there's

Paolo Greco 03:45 2025-07-03 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.