WTI crude rebounded sharply on Thursday after Wednesday\u2019s US-Iran negotiation progress had invaded news headlines triggering a sharp price drop.
Having been as low as $90.00 per barrel on Wednesday, WTI is now trading near $92.00 again thanks to escalating Russia-NATO tensions. A long-term trendline continues to offer WTI support.
Oil prices have been choppy on Thursday, caught between the conflicting forces of progress towards a return to the 2015 Iran nuclear deal which could pave the way to a return of Iranian exports to global markets and geopolitical tensions.
After Wednesday\u2019s sharp pullback late in US trade on the US\/Iran progress headlines that saw front-month WTI futures dip as low as a test of the $90.00 level, prices have seen a sharp recovery on Thursday.
Reports of shelling in Eastern Ukraine between pro-Russia separatist forces and the Ukrainian military was the trigger for the rebound and, at current levels near the $92.00 mark, WTI is about $1.50 higher on the session.
For now, WTI is finding support at a long-term uptrend that has been in play all of 2022 thus far. If it wasn\u2019t for Russia-NATO tensions, this support would probably have already been broken to the downside and, if there is de-escalation, may yet be broken.
This would likely trigger technical selling and a quick slide under $90.00 and towards recent support in the $88.00s. But that\u2019s a big if, and if Russia does invade Ukraine in some way in the coming days, as NATO leaders see as a very likely possibility, WTI prices would likely be propelled higher towards $100 per barrel.<\/p>\n","protected":false},"excerpt":{"rendered":"
WTI crude rebounded sharply on Thursday after Wednesday\u2019s US-Iran negotiation progress had invaded news headlines triggering a sharp price drop.Having been as low as $90.00 per barrel on Wednesday, WTI is now trading near $92.00 again thanks to escalating Russia-NATO tensions. A long-term trendline continues to offer WTI support.Oil prices have been choppy on Thursday, …<\/p>\n","protected":false},"author":13,"featured_media":53340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8621,8431,8432,8592,8714,6909],"class_list":["post-60491","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-geoploitical-tensions","tag-iran","tag-nato","tag-russian-ukranian-crisis","tag-us-iran-talks","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=60491"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60491\/revisions"}],"predecessor-version":[{"id":60495,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60491\/revisions\/60495"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=60491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=60491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=60491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}