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.

Christian Borjon Valencia FXStreet

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

WTI US OIL

Overview
Today last price	81.2
Today Daily Change	-1.11
Today Daily Change %	-1.35
Today daily open	82.31

Trends
Daily SMA20	84.86
Daily SMA50	85.84
Daily SMA100	80.85
Daily SMA200	77.99

Levels
Previous Daily High	84.85
Previous Daily Low	81.55
Previous Weekly High	88.12
Previous Weekly Low	81.91
Previous Monthly High	93.98
Previous Monthly Low	83.09
Daily Fibonacci 38.2%	82.81
Daily Fibonacci 61.8%	83.59
Daily Pivot Point S1	80.96
Daily Pivot Point S2	79.6
Daily Pivot Point S3	77.66
Daily Pivot Point R1	84.26
Daily Pivot Point R2	86.2
Daily Pivot Point R3	87.56

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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