Oil: WTI plunges more than 3% to lows in a week

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  • Expectation of greater surplus in the oil market and risk aversion pull prices down.
  • WTI barrels went from highs in almost a month to lows in more than a week in a few hours.

The prices of Petroleum they are falling significantly for the second day in a row and are at their lowest in a week. On Tuesday they had climbed to the highest level since August 1.

The barrel of WTI (trading platforms) trades at $88.20, the lowest level since August 22. Since Tuesday’s peak, the price has given up nine dollars. This sharp pullback not only put an abrupt end to the bounce, but also exposes the August low around $85.00 again.

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On Wednesday it was learned that the ministerial board of the Organization of the Petroleum Exporting Countries and its allies estimates a larger surplus for 2022. The forecast increased by 100,000 barrels per day to 900,000. The report indicates that in October the estimate went from a surplus of 600,000 in October to 1.4 million in November.

Contributing to the weak momentum of the oil price is added risk aversion in the markets. The main Wall Street indices have been in a negative trend for days and are operating at lows in weeks. Later on Wednesday, the Energy Information Agency will release the inventory data.

Technical levels

WTI US OIL

Panorama
Last Price Today 88.41
Today’s Daily Change -3.66
Today’s Daily Change % -3.98
Today’s Daily Opening 92.07
Trends
20 Daily SMA 90.85
50 Daily SMA 96.17
100 Daily SMA 102.6
200 Daily SMA 95.16
levels
Previous Daily High 97.28
Previous Daily Minimum 90.34
Previous Maximum Weekly 95.61
Previous Weekly Minimum 86.26
Monthly Prior Maximum 109.54
Previous Monthly Minimum 88.34
Daily Fibonacci 38.2% 92.99
Daily Fibonacci 61.8% 94.63
Daily Pivot Point S1 89.18
Daily Pivot Point S2 86.29
Daily Pivot Point S3 82.24
Daily Pivot Point R1 96.12
Daily Pivot Point R2 100.17
Daily Pivot Point R3 103.06
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Source: Fx Street

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