West Texas Intermediate (WTI) Oil prices fell as demand concerns outweighed OPEC+ output hike hopes
West Texas Intermediate (WTI) crude oil prices maintained a bearish bias Wednesday despite OPEC+ discussions about delaying a planned output increase.
The group is considering postponing the October rise of 180,000 barrels per day, which would start unwinding recent output cuts.
Concerns about weaker U.S. manufacturing data and potential recession fears also pressured prices.
The U.S. inventory report from the American Petroleum Institute and the Energy Information Administration is expected later today.
Key indicators include a negative 3-day Relative Strength Index (RSI), but mild bullish divergence is evident, a mixed Moving Average Convergence Divergence (MACD), and an Average Directional Index (ADX), suggesting a weak bear trend.
With the support intact at $68.60, the bullish bias may return and aim for resistance at $69.80 to $70.60-70. Reassess from there.
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.