West Texas Intermediate (WTI) Oil Falls 2% and Sees Big Weekly Drop After U.S. Jobs Data
West Texas Intermediate (WTI) Oil Falls 2% and Sees Big Weekly Drop After U.S. Jobs Data
West Texas Intermediate (WTI) crude oil prices fell 2% on Friday, ending the week with significant losses.
WTI dropped around 8% for the week, while Brent crude declined by 10%. The downturn was driven by weaker-than-expected August U.S. jobs data, which overshadowed support from OPEC+ supply delays.
The U.S. Labor Department reported an addition of 142,000 jobs in August and a decrease in the unemployment rate to 4.2%.
Additionally, ongoing concerns about Chinese demand weighed on oil prices.
According to energy services firm Baker Hughes, the U.S. active oil rig count held steady at 483.
Based on key technical indicators—the 3-day Relative Strength Index (RSI) is negative and oversold, the Moving Average Convergence Divergence (MACD) is negative, and the Average Directional Index (ADX) shows a bearish trend—further downside may be anticipated due to the support break of $68.60.
However, with the RSI in oversold territory, traders should monitor signals closely and adjust risk strategies in case of a bounce.
Daily Chart West Texas Intermediate (WTI)
This content is provided by Australian Financial Services Corporation (AFSC) Pty Ltd (AFSC), trading as Crystal Ball Finance. AFSC is a corporate authorised representative (CAR No. 001275455) of ShareX Pty Ltd (AFSL No. 519872).
For information relating to our financial services, you should refer to our Financial Services Guide.
Crystal Ball Finance content is designed as the opinion only and is general in nature. It does not take account of your objectives, financial situation or needs. Nothing in this content shall be construed as a solicitation to buy or sell any security or product or to engage in or refrain from engaging in any transaction. There are risks involved in any financial investment and trading strategy, and the value of any investment can and does fluctuate and may even become valueless. You should consider the appropriateness of any investment or trading strategy having regard to your circumstances. We recommend that you obtain financial, legal and taxation advice before making any financial investment decision or applying any trading strategy. This content is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. Crystal Ball Finance does not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use or application of its content.