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Crude Oil falling back, WTI hits $75

Crude Oil is extending the week's declines as demand for barrels swoons.
US Crude stocks soared on Tuesday, and China's data slowdown is hinting at slowing Crude demand.
Looming risk of Crude Oil undersupply is completely overshadowing geopolitical concerns.

Joshua Gibson FXStreet

West Texas Intermediate (WTI) Crude Oil barrels are getting knocked back heading into the mid-week, testing the $75.00/barrel region as the narrative of global Crude Oil undersupply runs up against hard data suggesting the recent slump in barrel availability is to have much less impact than initially expected.

US Crude Oil stocks soared by almost 12 million barrels last week according to numbers from the American Petroleum Institute (API). By the API's count, 11.9 million barrels showed up in the US Crude Oil supply stream for the week into November 2nd, a significant jump over the previous week's 1.347 million barrel building.

Adding to Crude Oil woes, Chinese economic data continues to disappoint, dousing fears that China's future Crude Oil demand would suck global markets dry.

China's Trade Balance figures sharply missed the mark on Tuesday, declining to $56.53 billion in October compared to the previous month's $77.71 billion as consumption spending in China sharply contracts.

WTI Technical Outlook

WTI's Wednesday decline sees Crude Oil extending a bearish slide after smashing through the 200-day Simple Moving Average (SMA) near $78.00, making a clean break and heading straight into bear country at the $75.00 handle.

Crude Oil is down over 20% from late September's swing high that just missed the $94.00 handle, and WTI's tumble from the low side of a rising trending from $78.00 sees bearish momentum set to expand heading into the back half of the trading week.

WTI Daily Chart

WTI Technical Levels

WTI US OIL

Overview
Today last price	75.1
Today Daily Change	-2.22
Today Daily Change %	-2.87
Today daily open	77.32

Trends
Daily SMA20	83.76
Daily SMA50	85.94
Daily SMA100	81.45
Daily SMA200	78

Levels
Previous Daily High	80.86
Previous Daily Low	77.09
Previous Weekly High	84.85
Previous Weekly Low	79.94
Previous Monthly High	90.88
Previous Monthly Low	80.52
Daily Fibonacci 38.2%	78.53
Daily Fibonacci 61.8%	79.42
Daily Pivot Point S1	75.99
Daily Pivot Point S2	74.66
Daily Pivot Point S3	72.22
Daily Pivot Point R1	79.75
Daily Pivot Point R2	82.19
Daily Pivot Point R3	83.52

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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