WTI steady amid global rate decisions, poised for a weekly gain Oil WTI Energy
The rate cut provided by the People’s Bank of China aimed to stimulate economic growth and improve oil’sChina’s rate cut and OPEC+ output cut to prop up oil amid economic headwinds
Major global central banks decided to hold rates unchanged amidst worldwide elevated prices and an ongoing economic slowdown. The European Central Bank raised rates to a 22-year high, while the Federal Reserve “skipped” June’s meeting, though upward revised its peak rates to finish above the 5.50% threshold. Even though bolstered the greenback, Jerome Powell’s neutral commentary erased those gains, which weighed on WTI-s price.
Oil prices were underpinned by increasing demand in China, as its refinery output grew to its second-highest reading on record. Kuwait Petroleum Corp CEO estimates Chinese oil demand will increase towards the second half. It is worth mentioning that voluntary crude output cuts implemented by the Organization of the Petroleum Exporting Countries and its allies will curb supply in the near term. That, alongside a weakerWTI Price Analysis: Technical outlook
From a technical perspective, WTI remains sideways after bottoming at around the $63.50/$68.00 area in the year. Even though technicaland price action suggest further downside, WTI is forming a double bottom that could propel prices to test the 200-day Exponential Moving Average at $78.52. On the upside, WTI’s first resistance would be the 50-day EMA at $72.51, followed by the 100-day EMA at $74.70m, and then the 200-day EMA. On the downside, a fall below $66.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
TEXAS HEAT: Entergy Texas donates 1,300 fans to low-income families amid heat wave🔥🌀🌡️ Stay Cool!!! Entergy Texas is stepping up to combat the summer heat hitting the Lone Star State by donating more than 1,000 fans to 36 cities and agencies across Southeast Texas.
Consulte Mais informação »
Texas A&M will host Texas in 2024 as rivalry resumes in SECSchools will play in football for first time since 2011 when Aggies left Big 12 for SEC
Consulte Mais informação »
2024 SEC opponents: Texas to travel to Texas A&M, Alabama to visit OklahomaEvery current SEC team will play one of Texas or Oklahoma in the two schools' first football season in the league.
Consulte Mais informação »
Texas' 2024 SEC schedule features trip to Texas A&M, visit from GeorgiaTexas' first season as a member of the SEC will feature a long-awaited return to Kyle Field and a visit from the two-time reigning champion Georgia Bulldogs.
Consulte Mais informação »
SEC schedule: Texas-Texas A&M rivalry renewed, Red River Showdown stays intact for 2024The Texas Longhorns and Oklahoma Sooners know who they will face during their first season as members of the SEC. The conference officially announced its full...
Consulte Mais informação »
WTI Price Analysis: Bears make their moves during the Fed, break support structureWest Texas Intermediate, WTI, crude oil dropped on Wednesday, breaking key support structure on the downside as a pause in US interest rate hikes acco
Consulte Mais informação »