This week, the West Texas (WTI) of the United States is around 78Trading near the $00 mark is affected by a number of factors. The increase in U.S. inventories weighed on the bullish momentum, making it difficult for WTI to break above 79$00 mark and maintain an upward trend.
Data released this week by the U.S. Energy Information Administration (EIA) and the American Petroleum Institute (API) showed that U.S. inventories continue to rise, a trend underpinned by record U.S. production. **Inventories have climbed steadily, limiting WTI's upside and taking a certain hit to market confidence.
At the same time, geopolitical factors also play an important role in the market. The market is focusing on the ongoing conflict in Gaza between Israel and Palestinian Hamas, and the outcome of the ceasefire talks could have an impact on market sentiment, especially geopolitical risks from the Middle East.
On the economic data front, the US Personal Consumption Expenditures** (PCE) inflation data was in line with market expectations, but did not raise hopes for a Fed rate cut. The Fed's appetite for inflation indicators remains high, which allowed the market's risk appetite to retreat slightly in the second half of the week.
From a technical point of view, WTI continues to be trapped in the recent important range, and the trading range is roughly at 78$80 to $77Between $80. Short-term technical performance shows 77The $60 level is the support, while the week's high is 79$27 failed to generate further momentum.
Overall, the market has been cautious overall, influenced by increases, geopolitical risks and economic data. Investors need to pay close attention to the impact of various factors on the market in order to formulate corresponding trading strategies.