WTI consolidates gains above $75.50 amid the hope of a China stimulus plan

July 19, 2023 6:33 PM +07:00

Wti Tich Luy Da Tang Tren Muc 75 50 Trong Boi Canh Hy Vong Trung Quoc Se Co Mot Ke Hoach Kich Cau Pipscollector

  • WTI consolidates gains above $75.50 in the early Asian session.
  • Market players expect the Federal Reserve (Fed) to be nearing the end of its policy tightening cycle.
  • China's GDP figure raises concern, but the hope for a stimulus plan boosts the WTI price. 

Pipscollector.com - Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $75.52 mark so far this Wednesday. WTI consolidates gains and bounces off Monday’s low near $73.80 on the possibility of the end of its policy tightening cycle by the Federal Reserve (Fed) and the hope for stimulus plans in China.

Market players anticipate that the Federal Reserve (Fed) is nearing the end of its policy tightening cycle. "The US Federal Reserve will raise its benchmark overnight interest rate by 25 basis points (bps) to the 5.25%–5.50% range on July 26," according to all 106 economists polled by Reuters between July 13 and July 18. It’s worth noting that higher interest rates raise borrowing costs, which can slow the economy and diminish oil demand.

Talking about data, the American Petroleum Institute (API) said on Tuesday that crude oil stockpiles in the United States fell by 797,000 barrels this week after increasing by 3.026 million barrels the previous week.

On the Chinese docket, the Gross Domestic Product (GDP) came in at 6.3% annually, worse than expected at 7.3% and 4.5% prior. The data raised concern about an economic slowdown in the world's second-largest oil consumer. However, China’s Commerce Ministry stated on Tuesday that a series of measures will help boost the consumption of household consumer goods and services. This, in turn, supports further upside in the WTI price.

Later in a week, the US Housing Starts and Unemployment Claims will be released. Also, oil traders will watch crude oil inventories data from the Energy Information Administration (EIA) and closely monitor the headlines surrounding the US-China relationship. The renewed tension between the world’s largest economies would significantly impact the WTI price. 



Today last price 75.6
Today Daily Change -0.10
Today Daily Change % -0.13
Today daily open 75.7
Daily SMA20 72.15
Daily SMA50 71.62
Daily SMA100 73.56
Daily SMA200 76.84
Previous Daily High 75.89
Previous Daily Low 73.82
Previous Weekly High 77.17
Previous Weekly Low 72.67
Previous Monthly High 74.36
Previous Monthly Low 66.95
Daily Fibonacci 38.2% 75.1
Daily Fibonacci 61.8% 74.61
Daily Pivot Point S1 74.39
Daily Pivot Point S2 73.07
Daily Pivot Point S3 72.32
Daily Pivot Point R1 76.45
Daily Pivot Point R2 77.2
Daily Pivot Point R3 78.52

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