EUR/USD 1.16857
0.067%
Gold 4520.47
0.030%
Oil 86.251
0.382%
USD/JPY 159.071
0.013%
GBP/USD 1.36390
0.067%
GBP/JPY 216.960
0.089%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Futures News, August 21st: Crude oil prices rose in stages, improving the trading atmosphere in the fuel oil market. Refineries confidence in maintaining prices increased, and with a reluctance to sell at low prices, most offers were pushed up in line with market conditions. Downstream buying interest gradually increased, with restocking mainly driven by immediate needs. It is expected that fuel oil trading will maintain a stable to slightly rising trend today.Iranian officials say they plan to attack crude oil export facilities, aiming to strike at Trump ahead of the US midterm elections. A quick overview of the pre-market crude oil prices converted between domestic and international markets in one chart.August 21 – S&P Global Market Intelligences Deputy Director of Economics stated that Japans private sector continued its strong performance in August, with companies reporting the fastest output growth since February. Growth momentum improved in both manufacturing and services, with manufacturing performing particularly well, showing significant growth in both output and new orders. Furthermore, new export orders in the manufacturing sector recorded their fastest growth in eight and a half years, and the semiconductor and AI-related industries had a substantial backlog of new business. Easing cost pressures in August are a positive sign for Japanese companies. Although input costs still rose sharply due to the impact of the Middle East war on supply chains and energy prices, as well as the weak yen, the overall cost inflation rate has fallen to its lowest level in five months. However, with output price increases still near historical highs, companies may need to see a sustained slowdown in inflation before further reducing product prices. With improved business confidence compared to the previous month, strong sales growth, and continued employment increases, Japans private sector is expected to continue its strong performance, provided that it is not subjected to further shocks in terms of prices or demand.According to Futures News on August 21, as of 8:30 AM Beijing time, spot platinum fell 0.16% and spot palladium fell 0.03%.Musk: Reports that SpaceX is seeking to acquire Spectrum at a $6 billion valuation are untrue.

WTI Price Analysis: The 100-SMA examines Oil bears near $79

Alina Haynes

Jan 30, 2023 15:25

 23.png

 

WTI crude oil stays in the red for the second consecutive day after retreating from a one-week high the previous day, with intraday losses of 0.30% near $79.30 as the European day begins on Monday.

 

In doing so, black gold pokes the 100-bar Simple Moving Average (SMA), which is approximately $79.20 at the time of publication.

 

The energy benchmark's decline may be related to the price's failure to cross the support-turned-resistance from January 12 in the early Asian session. Downward-sloping MACD signals and a sinking RSI (14) line could bolster the bearish stance.

 

Notably, a break below the 100-day simple moving average (SMA) at $79.20 may struggle to appease Oil bearish, as the $79.00 mark and the 200-day SMA, close to $78.15, could challenge the price's further decline.


Suggestion