- WTI prices are within a tight range on Friday.
- Demand concerns continue to weigh on raw materials.
- Baker Hughes’ weekly oil rig count is next on the economic agenda.
Crude oil prices They extend their slide through Friday, although sellers have so far failed to drag prices below $ 40.00 a barrel.
WTI weaker due to demand problems
US benchmark prices for light sweet crude fell for the third consecutive session at the end of the week, always in the context of negative outlook for oil demand in the current context of the rapidly expanding pandemic.
Indeed, traders continue to assess the persistent rise in COVID-19 cases around the world in the face of tighter restriction measures in many countries, putting additional pressure on oil demand while undermining economic recovery. .
In addition, the EIA revised down its demand forecast by almost 9 mbpd for the current year earlier in the week, in conjunction with pessimistic sentiment among traders.
Closing the weekly calendar, driller Baker Hughes will release its weekly count of US oil rigs later in the American session.
Technical levels
Right now, a barrel of WTI is shedding 0.77% to $ 40.62 and a breakout of $ 39.54 (55-day SMA) would expose $ 36.51 (200-day SMA) and then $ 33.67 (monthly low on Nov. 2). On the upside, the next hurdle is lined up at $ 43.04 (monthly high on Nov 10) followed by $ 43.75 (monthly high on Aug 26) and finally $ 48.64 (monthly high on March 3).
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