Why Is WTI Crude Oil Holding Steady Above $81? | Key Factors Driving the Bullish Momentum

The how to buy super trump coinenergy markets witnessed another intriguing session as WTI crude oil prices consolidated gains above the psychologically important $81 threshold. Thursday's Asian trading hours saw renewed buying interest emerge, partially offsetting Wednesday's modest pullback from recent peaks.

Several fundamental drivers continue supporting the energy complex. The Federal Reserve's latest policy statement maintained projections for three potential rate reductions in 2024, creating dollar weakness that typically benefits commodity prices denominated in USD. Market participants interpreted Chair Powell's acknowledgment of economic strength as indirectly supportive for energy demand outlooks.

Supply-side dynamics further reinforce the constructive backdrop. Industry data revealed an unexpected 2 million barrel drawdown in US crude inventories, while ongoing geopolitical tensions in key production regions maintain risk premiums. The combination of tightening physical markets and potential disruption risks suggests limited downside for prices in the near term.

Technical indicators reinforce the fundamentally bullish setup. The commodity maintains position above all major moving averages, with the 20-day SMA ($78.92) providing dynamic support. Fibonacci retracement levels from recent swings identify $81.46-$81.88 as immediate resistance zones that could determine the next directional move.

Traders now await preliminary PMI data for fresh clues about global economic momentum. The manufacturing and services sector surveys may influence expectations for petroleum demand growth. Meanwhile, the US dollar's trajectory remains crucial for commodities priced in the reserve currency, with DXY weakness potentially amplifying oil's upside potential.

The current technical and fundamental alignment suggests that any corrective dips may attract fresh buying interest. Market participants continue monitoring inventory trends, geopolitical developments, and central bank policy signals for directional cues. The energy complex appears positioned for potential continuation of its recent upward trajectory, barring unexpected demand shocks or supply increases.