WTI crude oil prices surge on supply cuts, weaker USD ahead of US inflation report – by christianborjon Oil WTI Energy
established by Saudi Arabia and Russia, while China’s woes about a global economic slowdown, cushions WTI’s rise. At the time of writing, WTI is trading at $74.50 after hitting a daily low of $73.03.During the North American session, the 1.5 million barrel crude oil output cut by Saudia Arabia and Russia is one of the main reasons for Oil’s jump. That, alongside a weaker US Dollar , amid a light economic calendar in the United States , is lifting WTI prices across the board.
Meanwhile, the International Energy Agency stands firm that oil demand from China and developed countries, mixed with the latest supply cuts, would keep the Oil market tight during the second half of 2023. According to Reuters, sources told that “top buyer China again requested less supply from the world’s biggest oil exporter, Saudi Aramco.”From a technical perspective, WTI buyers reclaiming the 100-day Exponential Moving Average at $73.06 has established a floor in the near term. Still, WTI prices remain capped by the June 5 daily high of $74.92; if surpassed, that could pave the way to the psychological $76.00 figure before testing the 200-day EMA at $77.35.
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