WTI (oil futures on NYMEX) is on a gradual retreat from the weekly tops reached near $ 70 level a day before, although remains on track to book first weekly gains in three weeks. Is the $70 mark back on sight? What does the following 30 July WTI Crude Oil Price Technical Outlook explain?
30 July, GKFX – Prices of the barrel of the West Texas Intermediate are edging higher at the beginning of the week, regaining the key $71.00 and beyond.
WTI in 3-week highs
Prices of the American reference for the sweet light crude oil are in 3-week highs on Monday, always bolstered by a cautious stance from trades amidst jitters on the supply side.
In fact, traders keep looking to the potential US sanctions on Iranian oil exports as a driver of probable supply disruptions in the near term. Furthermore, recent announcements from Saudi Arabia about halting its shipments in the Red Sea have been also collaborating with the recovery in crude prices.
Further out, driller Baker Hughes reported US oil rig count went up by 3 during the week ended on July 27. Later in the week, the API and the EIA will report on US crude oil stockpiles on Tuesday and Wednesday, respectively.
Looking ahead, markets await the weekly crude supplies report from the US for fresh trading impetus.
30 July WTI Crude Oil Price Technical Outlook
At the moment the barrel of WTI is up 1.71% at $71.28 facing the next up barrier at $72.80 (high May 22) seconded by $74.73 (high Jul.10) and finally $75.34 (2018 high Jul.3).
On the other hand, a breach of $69.71 (10-day sma) would aim for $69.62 (200-hour sma) and then $67.08 (low Jul.18).
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