- WTI failed to surpass the 20-day SMA at $70.29 and then stabilized around $69.75.
- US reported that GDP from Q2 was revised upwardly to 2% (annualized).
- Jobless Claims from the third week of June dropped to 239k.
The price of West Texas Intermediate (WTI) got rejected at the 20-day Simple Moving Average (SMA), currently positioned at $70.36 and retreated to $69.75, as weak housing data from the US soured the market’s mood. On the positive side, robust economic data from the United States made the WTI find demand. However, the USD’s strength on the back of higher yields will limit the Black Gold’s upwards movements.
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