WTI: Mildly offered below $80.00 as US SPR news joins sluggish markets – by anilpanchal7 Oil WTI OPEC Inflation Commodities
that US President Joe Biden’s team is ready for releasing another 26 million barrels of crude oil from the Strategic Petroleum Reserve .
Previously, Russia’s threat of cutting production and the hopes of more energy demand in 2023, as conveyed by Organization of the Petroleum Exporting Countries Secretary-General Haitham Al Ghais, seemed to have pleased the Oil buyers. Elsewhere, fresh fears of the US-China tension over the balloon shooting also challenge the sentiment and WTI crude oil traders. US Congress will take a bipartisan look at unidentified aerial objects that have made their way into U.S. and Canadian airspace, and why they were not found sooner,” said US Senate Majority Leader Chuck Schumer.
While portraying the mood, the S&P 500 Futures remain indecisive following the biggest daily jump of the month while the US 10-year Treasury bond yields drop nearly two basis points to 3.69% at the latest, after reversing from a one-month high the previous day.
, which in turn can weigh on the Oil price. Additionally important will be the weekly inventories from the American Petroleum Institute and the US Energy Information Administration .Failure to cross the descending resistance line from early November 2022, around $80.50, as well as the 100-DMA level of near $80.90, challenge the WTI
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