WTI falling back, targetting chart territory below $80 as Crude Oil retreats

WTI barrels are retreating into recent lows as global economic data misses the mark.
US Dollar is seeing lift in the mid-week, further depressing Crude Oil bids.
Crude Oil is shrugging off a smaller-than-expected increase in EIA Crude stocks.

Joshua Gibson FXStreet

West Texas Intermediary (WTI) Crude Oil bids are on the backfoot for Wednesday as the US Dollar (USD) finds firm bids across the board, suppressing energy prices. Meanwhile, global economic data continues to miss the mark, pushing back market hopes for increasing Crude Oil demand.

European and Chinese growth continues to lag against market expectations, and stumped demand growth is bleeding across into Crude Oil prices as investors fear a steepening contraction in Crude usage failing to eat up production supply.

Energy Information Administration (EIA) Crude Oil Stocks into the week ending October 27th showed Crude Oil reserves increased at a smaller pace than expected, with EIA stocks increasing but 0.774M barrels against the forecast 1.261M (last 1.371M).

Despite the smaller-than-expected buildup, US Crude reserves are regardless increasing as Crude Oil usage continues to undershoot demand, washing away energy markets' narrative of a drastic undersupply in Crude pipelines.

WTI Technical Outlook

With WTI trading back towards $80.00, bidders will be looking to cut off a retreat below the 200-day Simple Moving Average (SMA) near $78.00.

The top side is capped off by the last swing high just shy of the $90.00 handle, and a lower high pattern is forming up on the daily candlesticks.

WTI Daily Chart

WTI Technical Levels

WTI US OIL

Overview
Today last price	80.82
Today Daily Change	-0.31
Today Daily Change %	-0.38
Today daily open	81.13

Trends
Daily SMA20	84.5
Daily SMA50	85.87
Daily SMA100	80.96
Daily SMA200	77.99

Levels
Previous Daily High	83.09
Previous Daily Low	80.52
Previous Weekly High	88.12
Previous Weekly Low	81.91
Previous Monthly High	90.88
Previous Monthly Low	80.52
Daily Fibonacci 38.2%	81.5
Daily Fibonacci 61.8%	82.1
Daily Pivot Point S1	80.07
Daily Pivot Point S2	79.01
Daily Pivot Point S3	77.5
Daily Pivot Point R1	82.64
Daily Pivot Point R2	84.15
Daily Pivot Point R3	85.21

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.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD seems vulnerable near mid-1.3500s; UK CPI/FOMC Minutes awaited

The GBP/USD pair struggles to capitalize on the previous day's late rebound from an over one-week low – levels below the 1.3500 psychological mark – and trades with a negative bias for the third consecutive day on Wednesday. The downside, however, remains cushioned as investors seem reluctant to place aggressive directional bets ahead of the release of the latest UK consumer inflation figures and FOMC Minutes.

Gold regains positive traction after Tuesday's over 2% slump as traders await FOMC Minutes

Gold gains some positive traction during the Asian session on Wednesday and recovers a part of the previous day's heavy losses more than 2%, to the $4,843-4,842 region or a nearly two-week low. The intraday move higher could be attributed to repositioning trade ahead of the release of the FOMC Minutes.

Top Crypto Gainers: Jito drops, Morpho holds steady, Convex Finance climbs

Decentralized Finance tokens, including Jito, Morpho, and Convex Finance, rank among the top-performing crypto assets over the last 24 hours. Jito dips on Wednesday after rallying 22% the previous day on the launch of a new mainnet node.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.