West Texas Intermediate (WTI), futures on NYMEX, rebound after a steep correction to near $82.00 in the London session. The oil price attempts recover
The oil price discovers buying interest as Saudi Arabia will continue with voluntary cuts despite deepening Middle East tensions. Risks of a tight oil market persist as an intervention from Iran in the conflict would be followed by sanctions on Iranian oil by the US. WTI stays below the 61.8% Fibo retracement, which is around $83.88 y as Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Thursday, “We will continue voluntary cuts until year’s end.
As per the consensus, monthly headline and core inflation rose by 0.3% in September. WTI trades below the 61.8% Fibonacci retracement at $83.88 on a four-hour scale. The 20-period Exponential Moving Average at $83.5is acting as a barricade for the oil price bulls. The Relative Strength Index rebounds into the 40.00-60.00 range, which signals a consolidation ahead. A fresh upside would appear if the oil price breaks above the 50% Fibo retracement at $85.
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