The barrel of West Texas Intermediate fell to $65.22 on Friday, its lowest since November 2022. It currently trades at around $67.30 a barrel, breaking lower amid financial turmoil weighing on the market mood.
The banking crisis triggered by Silicon Valley Bank (SVB) and Signature Bank last week escalated, with Credit Suisse under siege after its top shareholder ruled out providing financial assistance to the company. Stock markets collapsed despite authorities’ efforts to ensure the banking sector was strong enough to bare with the situation.
Nevertheless, concerns remained after SVB officially announced its bankruptcy on Friday, while yet another bank came under scrutiny, First Republic. European and US indexes trade in the red and are poised to finish the week in negative territory.
WTI, in the meantime, is down for a fifth consecutive day, with daily technical readings hinting at continued declines ahead. Once below the aforementioned low, the slump could extend to $62.41, December 2021 monthly low. A break below the latter will likely attract speculative buying, with $60.00 acting as a major psychological barrier. The black gold is currently finding sellers at around $70.00, with gains above the level unlikely to prosper.
|Today last price||66.97|
|Today Daily Change||-1.46|
|Today Daily Change %||-2.13|
|Today daily open||68.43|
|Previous Daily High||69.53|
|Previous Daily Low||65.9|
|Previous Weekly High||80.99|
|Previous Weekly Low||74.89|
|Previous Monthly High||80.75|
|Previous Monthly Low||72.5|
|Daily Fibonacci 38.2%||68.14|
|Daily Fibonacci 61.8%||67.28|
|Daily Pivot Point S1||66.38|
|Daily Pivot Point S2||64.32|
|Daily Pivot Point S3||62.74|
|Daily Pivot Point R1||70.01|
|Daily Pivot Point R2||71.58|
|Daily Pivot Point R3||73.64|
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