WTI Crude Oil Price Under Selling Pressure Despite Overnight Bounce
The price of West Texas Intermediate (WTI) crude oil has been under selling pressure, despite an overnight bounce from its two-week low at $79.30-$79.25.
As of Thursday's European session, WTI is trading just above the $81.00 mark, down less than 0.50% for the day.
The optimism surrounding a potential US-Iran peace deal and the reopening of the Strait of Hormuz has been tempered by Iran's Deputy Foreign Minister Kazem Gharibabadi, who warned on Tuesday that the waterway will not fully reopen until the US fulfils its commitments under an interim peace deal signed in June.
The 100-period Exponential Moving Average (EMA) on the 4-hour chart and the 38.2% Fibonacci retracement level of the recovery from the monthly low are acting as resistance at $82.10-$82.15, with the Moving Average Convergence Divergence (MACD) remaining marginally negative.