WTI re-attempts $79 mark, as sell-off pauses ahead of US NFP

WTI snaps a three-day downtrend ahead of the critical US NFP report.
Saudi report smashed WTI after OPEC+ agreed to planned 400K output boost.
A cautious market mood could likely cap the oil price recovery.

Dhwani Mehta FXStreet

WTI (NYMEX futures) is licking its wounds around the $79 mark so far this Friday, as the bears take a breather after the three straight days of heavy declines.

The black gold corrected further away from seven-year highs of $84.97 after the Energy Information Administration (EIA) reported an oil inventory build of 3.3 million barrels for the week to October 29.

The pain in the US oil deepened on Thursday following a report that Saudi Arabia's oil output will soon surpass 10 million barrels per day (bpd) for the first time since the COVID-19 pandemic hit the world economy.

The report came after OPEC and its allies (OPEC+) agreed to stick to previously agreed-upon production increases of 400K bpd.

Looking forward, it remains to be seen if WTI can sustain the bounce amid pre-NFP cautious trading and resurfacing Chinese property sector concerns.

Read: WTI oil futures correct sharply higher but some caution still in play

WTI: Additional levels to watch

WTI

Overview
Today last price	78.99
Today Daily Change	0.32
Today Daily Change %	0.41
Today daily open	78.63

Trends
Daily SMA20	81.63
Daily SMA50	75.85
Daily SMA100	73.15
Daily SMA200	68.03

Levels
Previous Daily High	82.54
Previous Daily Low	77.61
Previous Weekly High	84.98
Previous Weekly Low	80.14
Previous Monthly High	84.98
Previous Monthly Low	74.06
Daily Fibonacci 38.2%	79.49
Daily Fibonacci 61.8%	80.66
Daily Pivot Point S1	76.65
Daily Pivot Point S2	74.66
Daily Pivot Point S3	71.72
Daily Pivot Point R1	81.58
Daily Pivot Point R2	84.52
Daily Pivot Point R3	86.51

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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