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)
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