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1 Nov 2018

WTI extends sideways move around $65

  • Rising oil output in the U.S. continues to weigh on crude oil prices.
  • Trump says trade negotiations with China are "moving along nicely".
  • Goldman Sachs says Chinese demand stays strong despite the economic slowdown.

Crude oil prices came under a renewed selling pressure in the early Asian trading hours with the barrel of West Texas Intermediate slumping below the $65 mark for the first time since mid-August. However, an improved market sentiment in the European session and a broadly weaker greenback helped the WTI stage a modest recovery. As of writing, the barrel of WTI was up 30 cents, or 0.5%, on the day at $65.15.

The weekly EIA report on Thursday showed a sixth straight increase in the U.S. crude oil inventories and further revealed that the output rose to a record high of 11.2 million barrels per day to force crude oil prices to extend their fall.

However, a report published by Goldman Sachs revealed that China's oil demand was still robust despite the apparent economic slowdown to trigger a rebound. "2018 oil demand growth is likely not as bad as first appears, with understated EM destocking implying excessively weak apparent demand," Goldman Sachs said.

Although the uninspiring daily start witnessed in the major equity indexes in the U.S. didn't allow the WTI to gather further strength, latest comments from President Donald Trump helped the risk-sensitive commodities to stay resilient. "Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely," Trump said via Twitter.

Technical levels to consider

With a daily close below $65 (psychological level), the WTI could target $64.40 (Aug. 16 low) on the downside ahead of $63.60 (Jun. 18 low). Resistances, on the other hand, could be seen at $65.40 (daily high), $67 (Oct. 31 high) and $67.85 (Oct. 26 high). 

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