WTI reclaims the 20-DMA and climbs close to 2%, above $77.00 Oil WTI Energy
espite growing speculations that the US Federal Reserve would continue to tighten monetary conditions. Therefore, WTI is trading at $77.11, above its opening price, after hitting a low of $75.60.
Sentiment remains upbeat as Wall Street registers gains, except for the Dow Jones. The greenback has recently recovered some ground, capping WTI’s gains during the day, as the USWTI has reversed Monday’s losses spurred by expectations of increasing oil demand due to China’s reopening. That offset speculations that the Fed would raise rates at least to the 5.25%-5.50% threshold, as money market futures had shown.
According to a Reuters poll, oil prices are expected to rise above $90 a barrel toward the 2023 second half, as Chinese demand recovers and Russia’s output falls.Technically speaking, WTI’s daily chart is neutral to downward biased. During Tuesday’s session, it was rejected at the 50-day Exponential Moving Average around 77.99, though it’s clinging to gains above the 20-day EMA at 77.02.
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