At the end of the week, the West Texas Intermediate (WTI) barrel is seeing sharp losses, mainly due to worries on the US economy, the largest Oil consumer, after the release of weak labor and economic activity data.
The WTI barrel price declined by more than 2% to $80.70. The US reported soft labor market figures. Tensionsin the Middle East areeasing, favouring the price to decline. In addition, as the Middle East tensions ease, markets are confident that there won't be any supply or demand disruptions also contributing to the downward movements.
In that sense, the market focus shifts to thenext reports ahead of the next Fed meeting in December, including two additional inflation readings and a job report. WTI Levels to watch Upon evaluating the daily chart, a neutral to bearish outlook is seen for the WTI, with the balance starting to lean in favour of the bears, although they still have some work to do.The Relative Strength Index has a negative slope below its midline, while the Moving Average Convergence displays neutral red bars.
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