The American Petroleum Institute (API) is releasing its latest week-on-week US Crude Oil Stocks figures, which lasted printed a 7.8 million barrel increase in excess barrels floating around the US Crude Oil supply chains.
Energy markets are also shrugging off renewed expectations of a potential ceasefire in the ongoing Gaza conflict between Israel and Palestinian Hamas. Barrel traders remain concerned that the altercation could spill over into nearby Crude Oil-focused economies, risking supply chain disruptions in the Middle East.
WTI technical outlook
WTI once again climbed back into the $78.00 handle, testing $78.20 per barrel on Tuesday. US Crude Oil extended a rebound from Friday’s bottom near $75.80, and WTI continues to churn within rough consolidation between $78.40 and $76.00.
WTI remains mired in the 200-day Simple Moving Average (SMA) near $77.65, and near-term bullish momentum remains capped below January’s late peak at $79.20.
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