Commodities
Home›Commodities›Energy›WTI holds near $83 after Fed keeps rates unchanged
WTI holds near $83 after Fed keeps rates unchanged
WTI rebounded from an intraday low near $78.90, but geopolitical risk tied to US, Saudi Arabia, and Iran actions continues to weigh on crude gains.
WTI crude stayed muted around $83 per barrel after the Federal Reserve left interest rates unchanged on Wednesday, according to FXStreet. The consolidation followed a sharp recovery from an intraday low near $78.90.
FXStreet reported that retaliatory attacks involving the United States, Saudi Arabia, and Iran intensified concerns over possible disruptions to regional oil supplies. Saudi Arabia launched attacks against Iran-aligned groups in Iraq following drone strikes on Saudi oil facilities, and Iran later claimed responsibility for an attack on a US military base in Jordan.
The outlet said US President Donald Trump reiterated that Washington would respond forcefully to Iranian attacks against US targets in Jordan, adding to fears the conflict could broaden and affect energy production or transportation.
On the technical front, FXStreet noted WTI was trading at $83.48 on a four-hour basis, holding above key moving averages near $82.32 and $80.15. Immediate resistance was cited around $84.24, while near-term support was pegged near $82.32, with deeper levels around $81.51 and $80.99.
Latest closeWTI crude $81.23 ▼1.7%