West Texas Intermediate Steadies
West Texas Intermediate Steadies
West Texas Intermediate (WTI) oil prices were steady at the start of Tuesday, following a hefty 7% decline in September.
This was the largest monthly drop since October 2023 and a 16% slump for the quarter, the biggest since Q3 2023.
Demand data released Monday showed China's manufacturing activity contracted for the fifth consecutive month, with a sharp slowdown in the services sector in September.
Meanwhile, OPEC+ is set to increase output by 180,000 barrels per day in December.
An American Petroleum Institute report is expected later today.
Technical indicators show a negative 3-day Relative Strength Index (RSI) alongside a positive Moving Average Convergence Divergence (MACD), while the Average Directional Index (ADX) indicates a ranging market.
Failing to strengthen from Friday's rebound, prices need to break through the $68.65-$70 range to target $71.45-$71.60.
Otherwise, they may face another downturn, potentially targeting the key support zone of $64.60-$64.90, where renewed demand is anticipated.
Daily Chart West Texas Intermediate (WTI)
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