Market Review
According to ETO Markets monitoring, on May 20 (Wednesday), WTI crude fell sharply and closed at USD 99.08 per barrel, down 4.76% on the day. Brent crude also dropped 4.95% to USD 105.46 per barrel. Oil prices came under pressure after Trump said US-Iran talks had entered the “final stage,” reducing geopolitical risk premium.
On May 21 (Thursday) during early Asian trading, WTI traded near USD 98.87 per barrel. EIA data showed US crude inventories fell by 7.9 million barrels to 445 million barrels in the week ending May 15, far above market expectations for a 2.9 million-barrel draw.
Global Headlines
US Iran Deal Text Finalized
Sources said Washington and Tehran are making final revisions to the agreement text. Pakistan’s army chief may visit Iran to announce the final version. If the visit does not take place, the final text may be announced within hours.
Trump Says Talks Final Stage
Trump said US-Iran negotiations are in the final stage. He noted that both sides will either reach a deal or the US may take tougher measures, though he hopes the situation does not move in that direction.
Iran Oman Push Strait Security
Iran’s Foreign Ministry said Tehran is working with Oman and international professional bodies to build a long-term security framework for the Strait of Hormuz. The mechanism aims to support safe international shipping and address maritime security costs.
FED Minutes Show Hike Debate
FED minutes showed more policymakers are open to rate hikes. At the April 28–29 meeting, most officials said some tightening could become appropriate if inflation stays above the 2% target.
OpenAI IPO Filing Could Arrive
OpenAI is accelerating its IPO plan and aims to go public in September at a valuation above USD 1 trillion. The company may file a draft prospectus as soon as this Friday, with Goldman Sachs, Morgan Stanley, and Cooley involved.
ETO Markets Analyst View (WTI Oil)
WTI is trading below the 101.00 level, keeping the short-term structure weak. If prices remain capped by this key resistance, downside may extend toward 97.00 and further test 95.90.
If WTI reclaims 101.00, the decline may ease. Upside could then test 102.60 and potentially extend toward 104.00.
Technically, even if prices continue to rebound, the recovery may remain limited in duration. The market is still driven by US-Iran deal progress, US inventory data, and FED policy expectations. Short-term volatility may continue.
Disclaimer
The information contained herein is for general reference only and does not constitute investment advice, a solicitation, or an offer to buy or sell any financial products. ETO Markets does not guarantee the accuracy, completeness, or timeliness of the information and shall not be liable for any losses incurred from reliance on such content.