- WTI crude increases 0.25% above $76.50 amidst Israel-Hamas dispute escalation and United States production modifications.
- Increased geopolitical stress from Israeli military actions in Gaza and ceasefire rejections effect oil costs.
- United States refining shutdowns due to different aspects result in greater gas and diesel rates, impacting unrefined market.
West Texas Intermediate (WTI), the United States petroleum standard, increases 0.25% late in the North American session as the Israel-Hamas dispute intensifies with Israel declining a ceasefire deal. That, together with reduced production in oil improved items, sponsored WTI’s advance, as it trades at $76.54 per barrel.
Oil costs climb up as Israel-Hamas dispute heightens, United States refining cuts effect supply
Israeli military continued their offensive on the Gaza Strip on Friday, triggering a dive in oil rates of around 3% in the previous day. In addition, refining plants in the United States were closed down, which increased the costs of Gasoline and Diesel.
Ukraine’s attacks versus 2 oil refineries in Southern Russia, and the latter exporting more petroleum in February than prepared with the OPEC+, was a tailwind for WTI cost.
In the meantime, the United States Treasury Department approved 3 business based in the United Arab Emirates (UAE) and one ship signed up by Liberia for breaking a cap put on the rate of Russian oil by a union of Western countries.
WTI Price Analysis: Technical outlook
Oil costs are set to stay range-bound however slanted to the disadvantage, as the 200-day moving average (DMA) at $77.29 stays the very first resistance level for rates. A breach of the latter might lead the way for more gains towards the $80.00 pb. Regardless of being bullish, the Relative Strength Index (RSI), the slope moved flat, and strong resistance would open the door to challenge the 20-DMA at $74.53. A breach of the latter will expose the current swing low of $71.46.
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