- The price of WTI extends its losses due to uncertainty about oil demand due to the rise in interest rates.
- Iran-led Houthi rebels claimed responsibility for an attack on an Israeli cargo ship, the MSC Silver.
- The United States again vetoed a draft resolution in the UN Security Council on an immediate humanitarian cessation of hostilities.
The price of West Texas Intermediate (WTI) oil extends its losses for the third consecutive session on Wednesday. The price of WTI is trading around $76.50 per barrel during the European session. Crude oil prices decline as markets grow cautious, against a backdrop of declining expectations of early interest rate cuts around the world. The prospect of rising borrowing costs is expected to slow global economic activity and consequently reduce oil demand.
Besides, Geopolitical conflicts in the Middle East raise fears of supply disruptions, leading investors to pay higher premiums for futures contracts as a hedge against potential supply shocks. As a result, oil companies are choosing to sell crude oil now rather than store it for future months.
Yemen's Houthi rebels claimed responsibility for the attack on an Israeli cargo ship, the MSC Silver, in the Gulf of Aden. The Houthi leader declared on Tuesday that new attacks against Israel were planned, potentially targeting Israeli vessels in the Red Sea and the Bab al-Mandeb Strait. On Monday, the Houthi group launched new drone and missile attacks against four shipping vessels in the Red Sea and the Bab al-Mandab Strait.
Meanwhile, on Tuesday, the United States again vetoed a draft resolution in the United Nations Security Council on the conflict between Israel and Hamas. This action blocked a call for an immediate humanitarian cessation of hostilities. Washington advocates that the Security Council adopt a resolution linking the cessation of hostilities to the release of Israeli hostages by Hamas.
The change in crude oil reserves from the United States Energy Information Administration (EIA) and weekly inventories from the American Petroleum Institute (API) for the week ending February 16 will be published later during the American session.
WTI US OIL technical levels to watch
Overview | |
---|---|
Latest price today | 76.53 |
Daily change today | -0.60 |
Today's daily variation | -0.78 |
Today's daily opening | 77.13 |
Trends | |
---|---|
daily SMA20 | 76.12 |
daily SMA50 | 74.14 |
SMA100 daily | 76.7 |
SMA200 Journal | 77.52 |
Levels | |
---|---|
Previous daily high | 78.48 |
Previous daily low | 76.77 |
Previous weekly high | 78.47 |
Previous weekly low | 75.51 |
Previous Monthly High | 79.19 |
Previous monthly low | 69.41 |
Daily Fibonacci 38.2 | 77.42 |
Fibonacci 61.8% daily | 77.82 |
Daily Pivot Point S1 | 76.44 |
Daily Pivot Point S2 | 75.75 |
Daily Pivot Point S3 | 74.74 |
Daily Pivot Point R1 | 78.15 |
Daily Pivot Point R2 | 79.17 |
Daily Pivot Point R3 | 79.86 |
Source: Fx Street

I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.