WTI falls below $ 83.00 due to the rise in US stocks.

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  • WTI futures depreciate beyond 1% to reach session lows below $ 80.00.
  • Higher-than-expected US stocks have increased the negative pressure on oil prices.
  • WTI: test support at $ 82.50.

WTI prices for the first month they have extended their reversal from multi-year highs at $ 85.35 on Monday. Crude prices have depreciated more than 1% so far today, reaching session lows of $ 82.50.

US Crude Oil Stocks Rise Beyond Expectations

Commercial crude oil inventories rose in the US by 4.3 million barrels last week, according to data released by the US Energy Information Administration These figures represent an increase much larger than the 1.91 million barrels. anticipated by market analysts and have added negative pressure on oil prices.

Oil prices have risen 35% in the past two months, driven by concerns that the global surge in demand due to the post-pandemic recovery will trigger an energy crisis. Beyond that, the Organization of the Petroleum Exporting Countries remains reluctant to increase supply, leading some analysts to forecast crude prices near $ 100 by the end of the year.

WTI tests support at $ 82.50 zone

WTI futures accelerated their reversal on Wednesday, retreating below $ 83.00 to seek support at $ 82.50. Next, the next potential targets could be $ 81.75 (Oct 22 low) and $ 80.80 (Oct 20 and 21 lows).

Alternatively, a bullish reaction from the current levels would send the pair to retest the intraday highs at $ 84.20 before the October 25 high of $ 85.35, opening the way towards the key psychological level $ 90.00.

Technical levels

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