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Gulf Press > Business > Forex > Crude Oil Plummets Over 5% as Traders Abandon Market
Forex

Crude Oil Plummets Over 5% as Traders Abandon Market

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Last updated: 2024/10/08 at 2:42 PM
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Crude Oil prices fell over 5% on Tuesday, driven by concerns over China’s impact on the commodity complex as no additional stimulus announcements were made at the reopening of China’s stock markets after Golden Week. The US Dollar Index turned flat, halting the recent fade and ending a short squeeze that occurred last week. At the time of writing, Crude Oil (WTI) trades at $72.97 and Brent Crude at $77.02.

In oil news and market movers, Russian Crude Exports climbed to the highest level since July, Libya’s Oil production exceeded 1 million barrels per day for the first time in two months, Chevron shut in Oil production ahead of Hurricane Milton, and a $6.5 billion deal was signed for Chevron to sell oil sands in Canada. Hurricane Milton is expected to hit the US peninsula of Florida by Wednesday morning. The American Petroleum Institute (API) will release its weekly Crude Oil stockpile change numbers, with a build of 1.95 million barrels expected for the week.

Crude Oil price correction was expected after a steep rally due to geopolitical tensions, especially as Israel remained muted in its reaction to Iran’s recent attacks. The correction was further fueled by China concerns and easing tensions. Technical analysis suggests pivotal levels for WTI Oil, with resistance at the red descending trendline and the 100-day Simple Moving Average (SMA) at $75.72. On the downside, old resistances have turned into supports, with the 55-day SMA at $72.71 and $71.46 acting as potential defense lines in case of any retreat.

WTI Oil, also known as West Texas Intermediate, is a type of Crude Oil sold on international markets. It is considered a high quality Oil that is easily refined and serves as a benchmark for the Oil market. Supply and demand, global growth, political instability, OPEC decisions, and the value of the US Dollar are key drivers of WTI Oil price. The weekly Oil inventory reports impact prices, with changes indicating fluctuating supply and demand. OPEC’s decisions also play a significant role in influencing WTI Oil prices.

Overall, the recent decline in Crude Oil prices can be attributed to concerns over China’s impact on the commodity complex, as well as geopolitical tensions and easing global growth. The US Dollar Index turning flat further added to the selling pressure in the market. As geopolitical tensions ease and China’s stimulus measures remain uncertain, the future movement of Crude Oil prices will depend on a combination of supply and demand dynamics, OPEC decisions, and global economic factors.

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News Room October 8, 2024
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