Mon. May 20th, 2024

WTI INCHES UP TO NEAR $86.30 AS CEASEFIRE TALKS BETWEEN ISRAEL AND HAMAS COLLAPSE

By Mahesh Limbani Apr 9, 2024 #FOREX #wti

WTI prices gain ground on failure of ceasefire talks between Israel and Hamas in Egypt.

Israeli Prime Minister Benjamin Netanyahu declared Israel’s intention to proceed with its plans to invade the Rafah enclave in Gaza, refraining from specifying a date.
Mexico’s Pemex could reduce Crude exports by at least 330,000 bpd in May.

West Texas Intermediate (WTI) oil price rebounds after a two-day decline, edging up to nearly $86.30 per barrel during Tuesday’s European trading session. The surge in Crude oil prices followed the failure of the latest ceasefire negotiations between Israel and Hamas in Egypt on Monday.

Earlier discussions for a ceasefire had halted a multi-session rally, causing WTI to break its six-day winning streak. This was due to the anticipation that geopolitical tensions might ease. However, Israeli Prime Minister Benjamin Netanyahu announced on Monday that Israel intends to carry out its plans to invade the Rafah enclave in Gaza, without specifying a date. Additionally, a senior Hamas official stated that they have rejected the latest ceasefire proposal put forward by Israel during the talks in Cairo.

The ongoing conflict carries the heightened risk of drawing in other regional countries, notably Iran, a significant supporter of Hamas and the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC). An Iranian retaliation to the suspected Israeli attack on its consulate in Syria last week could potentially embroil the oil market in the conflict. However, Israel has not officially claimed responsibility for the attack.

Mexico’s state energy company, Pemex, plans to reduce Crude exports by at least 330,000 barrels per day (bpd) in May. This decision will affect customers in the United States (US), Europe, and Asia, leading to a reduction in supply by a third. The move follows Pemex’s directive to its trading arm, PMI Comercio Internacional, to withdraw 436,000 bpd of Maya, Isthmus, and Olmeca crudes this month. This decision aims to meet the needs of domestic refineries as Pemex aims for energy self-sufficiency.

WTI US OIL

Overview
Today last price86.25
Today Daily Change0.30
Today Daily Change %0.34
Today daily open85.95
Trends
Daily SMA2082.14
Daily SMA5078.98
Daily SMA10076.25
Daily SMA20079.11
Levels
Previous Daily High86.49
Previous Daily Low84.15
Previous Weekly High87.12
Previous Weekly Low82.26
Previous Monthly High83.05
Previous Monthly Low76.5
Daily Fibonacci 38.2%85.04
Daily Fibonacci 61.8%85.6
Daily Pivot Point S184.57
Daily Pivot Point S283.19
Daily Pivot Point S382.23
Daily Pivot Point R186.91
Daily Pivot Point R287.87
Daily Pivot Point R389.25

Related Post