WTI Closes Even Closer Toward $ 80.00 Amid Mixed Market Sentiment

• WTI crude futures reached $ 80.00 during the American session.
• The US Department of Energy said it had no plans “at this time” to use its oil reserves.
• Market sentiment is in risk appetite mode as the European and US stock indices trade lower.

El Western Texas Intermediate (WTI) it is advancing for the second day in a row, trading at $ 79.31 up 0.93% during the American session at the time of writing. Meanwhile, WTI futures hit $ 80 a barrel for the first time since November 2014, as the global energy crisis continues.

Factors like OPEC + not increasing crude oil production, and the US Department of Energy said it had no plans “at this time” to tap into national strategic oil reserves, have kept the rally ongoing.

Market sentiment is pessimistic as shown by the European and US stock indices, with the majority in the red, with the exception of the FTSE 100 and the Dow Jones, rising 0.22% and 0.02%, respectively. Meanwhile, the dollar is down 0.15%, as shown by the US dollar index (DXY), holding on to 94.07.

WTI Price Forecast: Technical Outlook
Daily chart

WTI is in a strong uptrend, represented by daily moving averages (DMAs) that are well below price.

The price moves towards $ 80.00. A daily close above the latter could pave the way to the November 2011 lows around $ 84.00. The first resistance level would be $ 81.00, followed by October 29, 2014, with a high of $ 82.84 and then $ 84.00.

On the other hand, WTI sellers will need a daily close, in line with Wednesday’s price action, below $ 77.00. In that result, the first support level would be the September 28 high at $ 76.65. A break out of that level would expose crucial support levels, the psychological $ 76.00, followed by the July 13 high of $ 75.47.

The Relative Strength Index (RSI) is at 69, just breaking out of oversold levels, suggesting that the uptrend bias remains and that the price could consolidate before testing new highs.

ADDITIONAL LEVELS