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3 Mar 2020
Oil Price Analysis: WTI has some wild swings after the Fed emergency rate cut
- WTI pushed higher but has now pared some of those gains as the Fed cut interest rates due to the coronavirus.
- The price is now back near preannounced levels after a strong push higher.
WTI 1-Hour Chart
In an initial reaction spot WTI rose around 2.23% to the Fed rate cut announcement.
Now the commodity has pulled back somewhat to trade near $48/bbl.
Interestingly, the price could not take out the previous wave high of $48.74/bbl.
The market must remember that the OPEC+ meeting will be taking place on Thursday and Friday this week.
OPEC+ delegates may also be looking to take some kind of emergency measures due to the outbreak of the coronavirus.
If the level does break to the upside the next resistance could be at the $50/bbl psychological level and above that $51.22/bbl where the price found some support in the past.
Additional Levels