Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

WTI reaches two-week highs at around $88.00 on soft US Dollar

  • Western Texas Intermediate (WTI), the US crude oil benchmark, has risen close to 4%.
  • US inventories added 2.6 million barrels, above estimates but lower than Tuesday’s API’s 4.5 million build-ups.
  • WTI Price Analysis: A move toward $90.00 is almost certain after regaining the 20/50-DMAs.

WTI soared during the New York session, propelled by the overall US Dollar weakening, tumbling more than 1%, while WTI’s exports hit an all-time high due to domestic refiners operating at a higher level. At the time of writing, WTI is trading at $88.05 per barrel after hitting a daily high of $88.38.

The US Dollar Index, a gauge of the buck’s value against a basket of peers, is stumbling for the second consecutive day, more than 1%, down from 111.135 highs to 109.774, a tailwind for the oil price.

Also, given the backdrop of the Organization of Petroleum Exporters Countries (OPEC) decision to cut oil output bolstered WTI price as the market prepares for tighter supply in the coming months. Additionally, the shortage of Russian products due to an oil embargo will have implications for inflation, according to Goldman Sachs, in a note quoted by Bloomberg.

In the meantime, US crude stockpiles rose by 2.6 million barrels, exceeding estimates but lower than data reported by the American Petroleum Institute (API), which showed a sharp increase of 4.5 million in US inventories. Furthermore, exports rose to 5.1 million BPD, the highest ever, while US imports dropped.

WTI Price Analysis: Technical outlook

WTI is neutral biased, though once it reclaimed the 20 and 50-day Exponential Moving Averages (EMAs) in the same trading session, a test of the $90.00 per barrel is on the cards. Notable, the Relative Strength Index (RSI) jumped in the last two days after oscillating around the 50-midline. So, as the RSI gathers bullish momentum, if oil buyers reclaim the $90.00 figure, a move towards the 100-day EMA at $94.05 would likely happen.

 

Silver Price Analysis: XAG/USD treads water above $19.50

Silver prices are trading higher for the second consecutive day on Wednesday, with the white metal extending its recovery from the $18.80 low on Tuesd
Read more Previous

USD/CHF testing three-week lows at 0.9855 after pulling back from 0.9930

The US dollar resumed its downtrend against the Swiss franc on Wednesday. The mild recovery attempt witnessed during the European session has been cap
Read more Next