WTI picks up bids to reverse the late Wednesdays pullback from fresh eight-year high.
Western sanctions rise for Russia, hopes of intermediate pause gained as Moscow showed readiness to discuss Ukraines surrender.
Fedspeak, US data may entertain oil buyers, war news are the key.
The black gold rose to the fresh high since July 2014 the previous day as geopolitical tussles between Russia and Ukraine triggered oil supply fears as Moscow is the worlds third-largest oil producer. However, the quotes reversed from $100.00 on mixed chatters suggesting an intermediate halt in the war, before the latest rebound from $91.00.
Russia‘s invasion of Ukraine triggered a widespread rush to risk-safety and propelled oil prices the previous day as President Vladimir Putin’s forces rose past Chernobyl and Ukraine President Zelenskyy signed a decree for general mobilization.
The West levied heavy sanctions on Russia and showed readiness to support Ukraine by the military. The same joined comments from Russia, like “Moscow is willing to negotiate the terms of Ukraine's surrender,” to trigger the late Thursdays pullback. On the same line were the chatters that Ukraine President Zelenskyy said they need to discuss ceasefire with Russia.
However, the latest rebound of WTI crude oil prices seems to have taken clues from CNNs news signaling a Russian bombardment over Kyiv around 01:00 AM GMT.
Amid these plays, S&P 500 Futures drop 0.50% and the US 10-year Treasury yields struggle for fresh clues around 1.97% by the press time.
Moving on, geopolitical headlines from Ukraine and Russia are important for oil traders. Additionally, US Core PCE Inflation data and Durable Goods Orders may join Fedspeak to offer extra directives.
Technical analysis
Repeated failures to provide a daily closing beyond an ascending resistance line from July 2021, around $95.00 at the latest, challenges WTI bulls.
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