FX.co ★ Tote | CL/Crude Oil

Crude Oil 1-Hour Analysis: Optimistic confidence causes Western Texas Intermediate (WTI), the benchmark for US crude oil, to climb significantly. Additional factors contributing to the increase in oil prices were Putin's nuclear threats and the stoppage of oil exports from Iraqi Kurdistan. As of this writing, WTI is trading for $101.13 per barrel. A vote of confidence in the banking sector led to a shift in the market's perspective when First Citizens BankShares, Inc. acquired Silicon Valley Bank (SVB). Another reason for confidence was the suggestion that US authorities could be thinking about expanding emergency credit facilities, which investors applauded. Oil prices also increased as a result of Russian President Vladimir Putin's announcement that tactical nuclear weapons will be stationed in Belarus to intimidate the West over its support for Ukraine. NATO called Putin's comments "dangerous and irresponsible," and Ukraine asked the UN Security Council to convene. Bulls halt WTI crude oil's minor dips below $103.00 after the biggest daily advance in ten months. The positive breach of the 10-DMA and the three-week-old descending trend line from the previous day is therefore tough for oil traders to cheer. However, purchasers of WTI crude oil were able to break above the immediate 21-DMA barrier at $103.44 thanks to the strong MACD signals and sustained trading above the rising trend line for a week. However, it seems like the main barrier the Oil Bulls must get beyond before attempting to take the lead is the previous support line from December of last year, which is presently opposition at $105.56. On the other hand, before pointing to the $99.55 10-DMA support level, the $100.00 restricts the WTI crude oil's imminent slide. If the price of black gold drops below $99.55, the oil bears must be defeated by the intersection of the one-week-old rising trend line and the prior resistance level from March 07, which is about $98.25.