The crude oil market is experiencing steady growth while anticipating the release of the US Consumer Price Index
There is speculation as to whether or not West Texas Intermediate (WTI) will continue to rise.
WTI crude oil remained stable today, hovering just under US$ 73 per barrel. This follows a rebound from the sell-off that transpired last week, which had caused it to reach its lowest level since late 2021.
Today, the American Petroleum Institute (API) is scheduled to issue its weekly statistical report. The report will precede the monthly OPEC+ oil market update, which is expected to be released on Thursday.
The upcoming release of the US CPI on Wednesday is currently the primary concern for the broader market, in between the aforementioned reports.
The current market for spot gold indicates that it remains valued at US$ 2,025 per ounce, following a recalibration period subsequent to the Federal Reserve’s recent increase.
Today, there has been a slight decrease in Treasury yields following an increase of 7 to 8 basis points across the curve yesterday. The US Dollar has not experienced significant movement as currency markets remain stagnant.
Despite persistent concerns over the debt ceiling and regional banking issues, Wall Street ended the day with minimal movement. The equity markets in the Asia-Pacific region display a heterogeneous performance, as Australian, Hong Kong, Korean and New Zealand indices show a slight decrease, while Japan and mainland China exhibit some increase.
In April, China’s trade balance exceeded previous projections, reaching a value of US$ 90.2 billion, surpassing the expected figure of US$ 71.25 billion.
The examination of specific details indicates that exports demonstrated a small increase, while imports experienced a significant decline, causing apprehension regarding the potential for economic improvement in the world’s second-largest nation.
The Chinese government has declared its intention to take action against foreign enterprises that it claims have engaged in espionage activities.
The current state of affairs indicates that there will not be a significant amount of data released today. However, the Australian Federal Government budget is scheduled to be announced. This announcement is expected to reveal a surplus, which would be the first in 15 years.
WTI CRUDE OIL TECHNICAL ANALYSIS
During the night, WTI managed to surpass the resistance point located in the range of 72.25 to 72.45, and it is possible that this particular area may now serve as a support zone.
Additional backing could potentially be found at the preceding levels of 66.82, 66.12, 64.36, 63.64, and 62.43.
The possibility of the nearby breakpoint at 73.93 offering support on the topside is present, followed by a series of simple moving averages (SMA) ranging from 75.54 to 76.63. The vanquishment of these SMAs could suggest that the bearish momentum may be on the retreat.
