Oil: WTI rises more than 1.5% despite fears of recession

  • Oil rises on the day of the start of the FOMC meeting.
  • Recession fears, overshadowed by supply and demand balance.

Oil prices are rising on Tuesday, on the day the FOMC meeting opens and against a backdrop of recession fears. The barrel of WTI (platforms) trades at $97.10, having reached almost a week high above $98.00 hours ago.

It is the second consecutive daily rise in prices, although it is still close to recent lows. The advance takes place in a climate of caution in the financial markets.

The support for oil has to do with certain adjustments on the supply side. In Libya, production is expected to increase, but for now it is not a reality. Added to this are the implications of the war in Ukraine, with the recent cutback in Russian gas shipments to Europe.

Fears about global growth place an important limit for the moment on any significant appreciation in crude oil prices. It is in this context that the FOMC meets. A rise of 75 basis points is expected on Wednesday.

Technical levels

WTI US OIL

Panorama
Last Price Today 97.11
Today’s Daily Change 1.29
Today’s Daily Change % 1.35
Today’s Daily Opening 95.82
Trends
20 Daily SMA 99.83
50 Daily SMA 107.48
100 Daily SMA 105.78
200 Daily SMA 93.73
levels
Previous Daily High 96.33
Previous Daily Minimum 92.44
Previous Maximum Weekly 100.69
Previous Weekly Minimum 92.77
Monthly Prior Maximum 121.36
Previous Monthly Minimum 101.17
Daily Fibonacci 38.2% 94.84
Daily Fibonacci 61.8% 93.93
Daily Pivot Point S1 93.39
Daily Pivot Point S2 90.97
Daily Pivot Point S3 89.5
Daily Pivot Point R1 97.29
Daily Pivot Point R2 98.76
Daily Pivot Point R3 101.18

Source: Fx Street

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