Yesterday, West Texas Intermediate (WTI) crude oil was trading at $68.17 per barrel, up by 0.37% over the last 24 hours. So far this year, WTI prices have fallen by 7.18%. Similarly, Brent crude oil was priced at $71.87 per barrel, marking a 0.35% increase in the past day, but it's still down 9.09% year-to-date.
WTI oil hit a 52-week low of $64.78 on September 10, 2024, while Brent reached its low of $68.33 on September 11, 2024. This year's highest prices for WTI and Brent were $87.85 and $92.58, respectively, back in April, which is about 22% higher than where prices currently stand. Historically, Brent crude reached an all-time high of $147.50 per barrel in 2008, whereas WTI prices once dropped as low as negative $40 during the COVID-19 pandemic due to storage issues in the U.S.
XBRUSD – H4 Timeframe
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The 4-hour timeframe chart of XBRUSD shows prices reacting to the demand zone at the base of the previous low. After the price broke above the previous high at the highlighted arrowed lines, it slipped back down to retest the demand zone in preparation for a bullish impulse. It is expected that the price will reach the previous high as its initial target.
Analyst's Expectations:
Direction: Bullish
Target:77.34
Invalidation:69.53
XTIUSD – H4 Timeframe
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The price action on West Texas Oil's (WTI) 4-hour timeframe perfectly mirrors all the details from our analysis of Brent. As the price reacted initially from the demand zone, the price is expected to continue on its bullish trajectory until it reaches the previous high.
Analyst's Expectations:
Direction: Bullish
Target:73.49
Invalidation:65.05
CONCLUSION
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