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West Texas Intermediate (WTI) crude oil sees a rebound, climbing over 1.30% from daily lows, with prices supported by OPEC+ production cut commitments. Saudi Arabia and Russia’s pledge to maintain a 1.2 million barrel per day cut until year-end contributes to the recovery in oil prices. Global manufacturing PMIs indicate a potential economic slowdown, which could limit oil demand and price growth. West Texas Intermediate (WTI) recovers some ground in the mid-north American session and climbs more than 1.30% after bouncing from a daily low of $80.71. Saudi Arabia and Russia’s commitment to its 1.2 million barrel cut until the end of the year sponsored Oil’s recovery. Oil prices find support as Saudi Arabia and Russia affirm their production cut plans, with geopolitical tensions and global economic data in focus According to UBS analysts, cuts implemented by the Saudis and Russia could be extended into the 2024 first quarter due to “seasonally weaker oil demand at the start of every year.” Meanwhile, recent releases of worldwide manufacturing PMIs paint a slowing economic slowdown that could cap oil prices as demand diminishes. Following weaker-than-expected business activity indicators in China, on Tuesday, Caixin will reveal factory conditions in the country. Analysts expect a 3.3% drop in exports in October, as announced in a Reuters poll, from a decline in September. Meanwhile, the Middle East conflict looms as a possible cause that could underpin WTI prices higher. Although the conflict remains capped to Gaza’s Strip, risks of broadening around the region are high. Hence, Oil traders need to be focused on geopolitical developments besides the Israe-Hamas conflict. WTI Price Analysis: Technical outlook From a technical perspective, WTI’s retracement toward the $80.00 mark is just a pullback, sponsored after Oil’s fastest rise from around $77.64 toward the $94.99 mark, though falling shy of $100.00.…

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Filed under: News - @ November 7, 2023 2:24 am