WTI experiences losses on market caution, moves below $84.00

Crude oil retraces the recent gains as investors adopt caution ahead of Fed decision.
Investors await Chinese PMI data; seeking cues on world's leading crude importer’s economic scenario.
Upward 10-year US Treasury yield could provide support in underpinning the US Dollar.

Akhtar Faruqui FXStreet

Western Texas Intermediate (WTI) trades lower near $83.90 per barrel during the European session on Monday. Investors are approaching the upcoming US Federal Reserve policy meeting and China's manufacturing data with caution, leading to a decline in crude oil prices. This cautious stance is overshadowing the support previously provided by tensions in the Middle East.

Crude oil prices saw an increase on Friday as Israel expanded ground operations in Gaza. This has raised concerns about the potential widening of the conflict in a region responsible for a third of global oil production.

Looking at China, the upcoming release of manufacturing and services PMI data for October is eagerly awaited. Investors seek for signals indicating stabilization in the world's leading crude importer's economy. Market participants are particularly interested in gauging whether supportive measures implemented by Beijing have contributed to an improvement in Oil demand.

The US Dollar (USD) encounters resistance as market expectations lean towards the likelihood of the US Federal Reserve (Fed) maintaining interest rates at 5.5% in the upcoming Wednesday meeting. However, the US Dollar Index (DXY) shows positive movement post lukewarm intraday performance during the Asian session, hovering around 106.70 as of now.

The 10-year US Bond experiences a rebound, reaching 4.85% at the moment, providing support to the Greenback. Additionally, investors will closely monitor key indicators such as the US ADP Employment Change and the ISM Manufacturing PMI for October.

WTI US OIL: additional levels to watch

Overview
Today last price	83.92
Today Daily Change	-0.93
Today Daily Change %	-1.10
Today daily open	84.85

Trends
Daily SMA20	85.14
Daily SMA50	85.79
Daily SMA100	80.7
Daily SMA200	77.99

Levels
Previous Daily High	85.55
Previous Daily Low	82.84
Previous Weekly High	88.12
Previous Weekly Low	81.91
Previous Monthly High	93.98
Previous Monthly Low	83.09
Daily Fibonacci 38.2%	84.52
Daily Fibonacci 61.8%	83.88
Daily Pivot Point S1	83.27
Daily Pivot Point S2	81.7
Daily Pivot Point S3	80.56
Daily Pivot Point R1	85.99
Daily Pivot Point R2	87.13
Daily Pivot Point R3	88.7

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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