WTI Crude Oil drops amidst Greenback’s recovery, reduced supply concerns
- WTI dropped more than 1.40%, trading at $81.43 per barrel.
- A Reuters survey revealed that OPEC's crude output rose by 180K barrels per day in October.
- The US Energy Information Administration (EIA) reported a rise in US crude production to 13.05 million barrels daily.
West Texas Intermediate (WTI), the US crude oil benchmark, dropped more than 1.40% on Tuesday as the Greenback recovered while market players remain less worried about supply disruptions amid the Middle East conflict. At the time of writing, WTI is trading at $81.43 per barrel.
US Crude Oil benchmark faces a decline as the US Dollar rose, worries about supply disruptions in the Middle East
According to a Reuters survey sponsored by Nigeria and Angola, the Organization of Petroleum Exporting Countries (OPEC) revealed that crude output rose by 180K per day in October. Alongside that, the US revealed that is crude production rose at a 13.05 million barrel per day, revealed the US Energy Information Administration (EIA).
Crude Oil extended its losses as China revealed that manufacturing activity contracted, weighing on demand prospects in one of the largest oil importers.
Fears of global economic slowdown reignited as the Eurozone (EU) revealed its Gross Domestic Product (GDP) for the third quarter slipped to contractionary territory. Aside from this, woes of a possible escalation of the Israel-Hamas conflict loom, as Israel’s Prime Minister Benjamin Netanyahu disregarded the cease-fire in exchange for hostages.
WTI Technical Level
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
