Select Language

WTI rises amid mixed OPEC+ signals, US debt-ceiling talks, high US inflation

Breaking news

WTI rises amid mixed OPEC+ signals, US debt-ceiling talks, high US inflation

  • twitter
  • facebook
  • LINE
  • RSS

  • twitter
  • facebook
  • LINE
  • RSS
New update 2023.05.27 05:28
WTI rises amid mixed OPEC+ signals, US debt-ceiling talks, high US inflation

update 2023.05.27 05:28

  • WTI crude oil closes higher, settling at US$72.67 per barrel, driven by mixed signals from OPEC+ regarding production cuts.
  • Ongoing talks between the Biden Administration and House Republicans bring relief as a deal to raise the US debt ceiling nears completion.
  • US inflation surges as consumer spending exceeds expectations, with the personal consumption expenditures index rising by 4.4% annually.

Western Texas Intermediate (WTI), the US crude oil benchmark, recovered some lost ground during the week, driven by factors like mixed signals from OPEC+ regarding potential output cuts, ongoing discussions between US politicians about the debt ceiling, and higher-than-expected US inflation.

Mixed signals from OPEC+, progress in US debt-ceiling talks, and higher inflation are impacting the rise of WTI crude oil prices

WTI crude oil trades with gains of $0.99 or 1.35% after hitting a daily low of $71.54, exchanging hands at $72.75 per barrel.

The rise in oil prices comes as conflicting statements emerged from OPEC+'s significant producers. Russia expressed its expectation that there would be no alteration to production quotas during the cartel's meeting, citing the voluntary cuts of over one million barrels per day implemented at the beginning of May. Conversely, Saudi Arabia's oil minister cautioned short sellers to remain vigilant.

The upward trajectory of oil prices also corresponds with reports of progress in negotiations between the Biden Administration and House Republicans concerning a deal to raise the US debt ceiling for two years. This development alleviates concerns that the country would face an unprecedented default on its debt payments.

However, recent data from the US reveals stronger-than-expected consumer spending in the previous month, which increased by 0.5% following a stagnant performance in March. Additionally, the Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred inflation gauge, rose by 4.4% annually, surpassing the 4.2% growth reported in March.

WTI Technical Levels

WTI US OIL

Overview
Today last price 72.82
Today Daily Change 0.99
Today Daily Change % 1.38
Today daily open 71.83
 
Trends
Daily SMA20 72.13
Daily SMA50 74.51
Daily SMA100 76
Daily SMA200 79.71
 
Levels
Previous Daily High 74.36
Previous Daily Low 71.03
Previous Weekly High 73.55
Previous Weekly Low 69.39
Previous Monthly High 83.4
Previous Monthly Low 73.88
Daily Fibonacci 38.2% 72.3
Daily Fibonacci 61.8% 73.09
Daily Pivot Point S1 70.45
Daily Pivot Point S2 69.08
Daily Pivot Point S3 67.12
Daily Pivot Point R1 73.79
Daily Pivot Point R2 75.74
Daily Pivot Point R3 77.12

 

 


Date

Created

 : 2023.05.27

Update

Last updated

 : 2023.05.27

Related articles


Show more

Writer

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

Gold Price Forecast: XAU/USD grinds near $1,970 amid Fed concerns, debt ceiling woes - Confluence Detector

Gold Price (XAU/USD) treads water around $1,975 heading into Wednesday's European session. In doing so, the precious metal portrays the market's inact
update2023.05.24 12:35

Gold Price Forecast: XAU/USD falters below $1,985 amid US debt ceiling woes, Fed Minutes eyed

Gold Price (XAU/USD) struggles to defend the previous day's corrective bounce from the short-term key support line, mildly bid around $1,975 amid earl
update2023.05.24 09:49

Gold Price Forecast: XAU/USD dives amid stalled US debt-ceiling talks as the USD strengthens

Gold price faces solid resistance at the 50-day Exponential Moving Average (EMA) at $1976.47, retraces some of its earlier gains after hitting a daily
update2023.05.25 00:31

Gold Price Forecast: XAU/USD could correct down to $1,892 on a break below $1,949/40 - Credit Suisse

Gold is coming under increasing pressure after rejecting the major $2,063/75 multi-year highs, strategists at Credit Suisse report. Gold will eventual
update2023.05.24 23:59

Gold price forecast: XAU/USD reaches lows of March after US data.

The XAU/USD drops to its lowest level since March 22 due to strong economic data and a high Personal Consumption Expenditures (PCE) inflation. This l
update2023.05.26 03:38

When is the RBNZ Interest Rate Decision and how it could affect NZD/USD?

Early Wednesday at 02:00 GMT market sees the key monetary policy decision by the Reserve Bank of New Zealand (RBNZ) amid hopes of another hawkish play
update2023.05.24 10:01

Germany's Lindner: GDP data have shown surprisingly negative signals

German Finance Minister Christian Lindner said on Thursday, "GDP data have shown surprisingly negative signals." "Weak economic dynamics are a task fo
update2023.05.25 18:01

EUR/PLN to rise again towards 4.75 - Commerzbank

Economists at Commerzbank have changed their EUR/PLN forecast path only slightly lower. Euro to remain strong through 2023 "We forecast the Euro to re
update2023.05.11 16:36

BoE's Bailey: Inflation has turned the corner

Bank of England (BoE) Governor Andrew Bailey faces questions by the UK parliament's Treasury Select Committee (TSC) about the central bank's May Monet
update2023.05.23 18:19

AUD/USD Price Analysis: Bears need to stay on guard below trendline resistance

AUD/USD bears remain in control with the market still unable to get over the line, submerged below the dynamic trendline resistance. The price is curr
update2023.05.24 09:50

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users.Cookie policy

I agree
share
Share
Cancel