WTI plummets though clings to the $100 mark amid a mixed-mood By christianborjon Oil WTI Macroeconomics Technical Analysis Commodities
Geopolitical developments in Eastern Europe calmed investors as oil dropped $8 of its price.
WTI Price Forecast: Upward biased, but might consolidate as energy-related issues pending to be solved.” improvement on risk sentiment and dropped earlier back under the $100 mark for the first time in two weeks. Russian-Ukraine officials reported progress in discussions, confirmed by US Deputy Secretary of State Sherman, commenting that Russia has shown signs of willingness to engage in “.” At the time of writing, Western Texas Intermediate is trading at $102.39.
Overnight, WTI’s traded within last Friday’s highs around $110 but briefly dropped under the $100 mark, around $99.78 on the diplomatic solution to the Russia-Ukraine conflict. Nevertheless, crude oil Is set to remain high unless there is an advance on Iran’s nuclear deal which would add 1 million BPD to the market, while the International Energy Agency chief Fatih Birol urged oil-producing countries to pump more.
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