West Texas Intermediate (WTI) Crude Oil barrels are getting knocked back heading into the mid-week, testing the $75.00/barrel region as the narrative of global Crude Oil undersupply runs up against hard data suggesting the recent slump in barrel availability is to have much less impact than initially expected.
Crude Oil is extending the week's declines as demand for barrels swoons. US Crude stocks soared on Tuesday, and China's data slowdown is hinting at slowing Crude demand. Looming risk of Crude Oil undersupply is completely overshadowing geopolitical concerns. US Crude Oil stocks soared by almost 12million barrels last week according to numbers fromthe American Petroleum Institute . By the API's count, 11.
WTI Technical Outlook WTI's Wednesday decline sees Crude Oil extending a bearish slide after smashing through the 200-day Simple Moving Average near $78.00, making a clean break and heading straight into bear country at the $75.00 handle. Crude Oil is down over 20% from late September's swing high that just missed the $94.00 handle, and WTI's tumble from the low side of a rising trending from $78.00 sees bearish momentum set to expand heading into the back half of the trading week.
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