WTI continues the losing streak on US Crude stockpiles, trades near $76.20


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  • Crude Oil prices weakened on weekly build in US crude stockpiles.
  • EIA Crude Oil Stocks Change improved to 3.6M from 0.774M prior.
  • China’s oil refinery experienced a slight slowdown, impacting Oil prices.

Western Texas Intermediate (WTI) trades lower near $76.20 per barrel during the Asian session on Thursday, extending the losses for the third successive day. The Crude oil prices face downward pressure due to a larger-than-expected weekly build in US crude stockpiles. EIA Crude Oil Stocks Change for the week ending on Nov 10, improved to 3.6M from 0.774M prior against the 1.793M as expected.

Additionally, the signs of easing demand in China are indeed influencing the negative sentiment surrounding Oil prices. China's oil refinery throughput in October experienced a slight slowdown from the previous month's highs. The data from the National Bureau of Statistics (NBS) indicates that China's total refinery throughput, although still substantial at 15.05 million barrels per day (bpd), reflects a modest decline compared to September's record of 15.48 million bpd.

Crude oil prices have experienced losses for the fourth consecutive week, with investors factoring in a reduced risk premium related to the Israel-Hamas conflict. Moreover, the uncertainty surrounding US Federal Reserve (Fed) interest rates has added to the pressure on Oil markets. The Fed's caution that it could potentially raise rates further this year, despite recent data indicating a decline in inflation, has introduced an element of uncertainty.

The decision by the US to enforce oil sanctions on Iran, reducing Iranian oil exports. President Joe Biden's energy security adviser, Amos Hochstein, conveyed that the enforcement of these sanctions is expected to result in a reduction of more than 1 million bpd of oil exports from Iran. It's noteworthy that this decision is being implemented even as Oil prices continue to experience a downward trend.

WTI US OIL: Additional levels to watch

Overview
Today last price 76.21
Today Daily Change -0.45
Today Daily Change % -0.59
Today daily open 76.66
 
Trends
Daily SMA20 81.33
Daily SMA50 84.99
Daily SMA100 81.88
Daily SMA200 78.02
 
Levels
Previous Daily High 78.68
Previous Daily Low 76.45
Previous Weekly High 82.01
Previous Weekly Low 74.94
Previous Monthly High 90.88
Previous Monthly Low 80.52
Daily Fibonacci 38.2% 77.3
Daily Fibonacci 61.8% 77.83
Daily Pivot Point S1 75.85
Daily Pivot Point S2 75.03
Daily Pivot Point S3 73.61
Daily Pivot Point R1 78.08
Daily Pivot Point R2 79.5
Daily Pivot Point R3 80.32

 

 

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