• WTI settled in the negative territory on Tuesday.
  • Weak demand outlook continues to weigh on crude oil prices.
  • Majority of oil production in Gulf of Mexico remains shut due to Hurricane Ida.

Crude oil prices continued to push lower for the third straight trading day on Tuesday with the barrel of West Texas Intermediate (WTI) settling at $68.35, losing 0.75% on a daily basis. 

WTI remains on the back foot despite Hurricane Ida

Following Friday's disappointing August jobs report from the US, investors remain concerned over an unstable recovery in the energy demand. Although the data from China revealed that Exports surged by 25.6% on a yearly basis in August, compared to the market expectation of 17.1%, oil struggled to attract investors on Tuesday.

Additionally, Saudi Arabia’s state oil giant, Aramco, announced on Sunday that it lowered its official selling price (OSP) of all crude grades to Asian refiner in October, further weighing on oil prices.

Meanwhile, the broad-based USD strength also seems to be having a negative impact on WTI. The US Dollar Index, which tracks the greenback's performance against a basket of six major currencies, is currently up 0.3% on the day at 92.50.

On the other hand, the latest reports by Reuters show that the oil output in the Gulf of Mexico is down more than 80% due to Hurricane Ida, which could be helping WTI limit its losses for the time being.

On Wednesday, the American Petroleum Institute (API) will release the Weekly Crude Oil Stocks data ahead of the US Energy Information Administration's Weekly Petroleum Status Report on Thursday.

Technical levels to watch for


Today last price 68.23
Today Daily Change -0.39
Today Daily Change % -0.57
Today daily open 68.62
Daily SMA20 67.36
Daily SMA50 69.88
Daily SMA100 68.46
Daily SMA200 62.05
Previous Daily High 69.33
Previous Daily Low 68.13
Previous Weekly High 70.44
Previous Weekly Low 67.02
Previous Monthly High 73.54
Previous Monthly Low 61.73
Daily Fibonacci 38.2% 68.59
Daily Fibonacci 61.8% 68.87
Daily Pivot Point S1 68.05
Daily Pivot Point S2 67.49
Daily Pivot Point S3 66.85
Daily Pivot Point R1 69.26
Daily Pivot Point R2 69.9
Daily Pivot Point R3 70.46



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