Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

WTI crude oil surges above $73.50 amid supply concerns and risk-on sentiment

  • After a Kurdistan/Baghdad arbitrage decision, supply risks halted 450K barrels of exports through Turkey.
  • A soft US Dollar underpins US crude oil benchmark prices.
  • WTI shows neutral to downward bias, but oscillators turned bullish, suggesting further upside.

Western Texas Intermediate (WTI), the US crude oil benchmark, climbs in the mid-North American session, spurred by crude oil supply issues. In addition, a risk-on impulse weakened safe-haven assets, like the greenback. At the time of writing, WTI exchanges hands at $73.55 a barrel.

WTI experienced a $3 jump after a halt of 450K barrel exports from Iraq Kurdistan region through Turke, spurred by an arbitration ruling that validated that Baghdad’s approval was necessary to transport the oil.

Meanwhile, sentiment shifted after First Citizens BancShares acquired Silicon Valley Bank (SVB) deposits and loans. That propelled a recovery in global bank shares as a banking system crisis waned.

Therefore, safe-haven assets, like the US Dollar (USD), tumble across the board. The US Dollar Index (DXY) drops 0.38% to 102.449. A weaker greenback makes oil cheaper for international buyers and lifts WTI’s price.

Russian President Vladimir Putin’s announcement to deploy tactical nuclear weapons in Belarus to intimidate the West increased oil prices due to its support for Ukraine. NATO described Putin’s comments as “dangerous and irresponsible.”

At the same time, Russia’s Deputy Prime minister Alexander Novak commented that Moscow is close to achieving its 500K crude output, to about 9.5 million bpd.

WTI Technical analysis

WTI Daily chart

WTI is still neutral to downward biased, though it has cleared the 20-day EMA. Oscillators turned bullish, with the Relative Strength Index (RSI) above 50, which could pave the way for further upside. That said, WTI  could rally to $80.00. Hence, WTI’s first resistance would be the 50-day EMA at $74.93, followed by the 100-day EMA at $78.06, before testing the $80.00 mark.

 

EUR/USD bulls eye the 1.09´s as risk appetite retruns

EUR/USD climbed to a five-day high at 1.0846 as euro zone government bond yields rose on Tuesday and after a deal backed by the US regulator for First
Read more Previous

AUD/USD bulls in the mareket ahead of Aussie CPI

AUD/USD is higher on the day by some 0.75% after rising from a low of 0.6644 to score a high of 0.6710 on Tuesday. A risk on appetite is supporting th
Read more Next