- WTI is set to end the week with substantial losses of 8.40%
- The jobs report showed a slowdown in wages, while the labor market remains resilient.
- WTI failed to capitalize on US Dollar weakness after the US Services PMI shrinkage
Western Texas Intermediate (WTI), the US crude oil benchmark, hovers at around $73.70s, almost flat, albeit the US Dollar (USD) weakened sharply due to mixed US economic data, though global recession concerns weighed on oil prices. At the time of writing, WTI exchanges hand at $73.71.
Wall Street is poised to end Friday’s session with hefty losses, boosted by disappointing PMIs. The ISM Services PMI plummeted to 49.6, below estimates of 55, on the lowest reading since May 2020. Meanwhile, the US economy added 223K people to its workforce, more than expected, the unemployment rate dropped, and wages aimed down, to 4.6% YoY, against estimates of 5%.
Consequently, the US Dollar turned south, plummeting below the 104.000 mark and down by 1.20%, though WTI failed to capitalize on that.
Back to oil-related news, Saudi Arabia lowered prices for Asia customers to their lowest since November 2021 as global pressures hit oil prices. Factors like China’s reopening and its Covid-19 outbreak keep investors uneasy as additional countries imposed restrictions on visitors from China.
WTI Key Technical Levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
NZD/USD rallies to a fresh three-month top after RBNZ's hawkish pause
The NZD/USD pair gains strong follow-through positive traction on Wednesday and spikes to a fresh three-month peak after the RBNZ announced its policy decision. The central bank left its cash rate unchanged at 5.5% and reiterated that rates will need to remain at a restricted level for a sustained period of time.
AUD/USD reacts little to softer headline Australian CPI, holds steady near multi-month peak
The AUD/USD ticks lower following the release of softer domestic consumer inflation figures. The data raises doubts over the possibility of a December rate hike from the RBA and acts as a headwind for the Aussie. Apart from this, the prevalent US Dollar selling bias helps limit the downside for the pair.
Gold rally extends into $2,040 as Fedspeak sparks Fed pivot bets
Gold price climbed on Tuesday in their best single-day performance in over six weeks, climbing 1.5% on the day and settling at a seven-month peak of $2,044. Markets saw a risk rally as investor sentiment bid up assets across the board, sparked by Dovish Fed comments that sent Gold climbing on the day.
Up by 96% in a week, this altcoin is likely following Solana price rally from 2021
Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.
Global growth outlook remains cloudy and grey
Prospects for the global economy have dimmed slightly over the past month, with restrictive monetary policy set to weigh on growth prospects for next year. The forecast for global GDP growth in 2023 remains unchanged at 2.8%, while the forecast for 2024 global GDP growth has been revised slightly lower to 2.3%.