{"id":39626,"date":"2022-11-03T15:01:20","date_gmt":"2022-11-03T13:01:20","guid":{"rendered":"https:\/\/www.ironfx.com\/?p=39626"},"modified":"2025-10-17T09:37:17","modified_gmt":"2025-10-17T06:37:17","slug":"oil-stalls-near-the-90-level","status":"publish","type":"post","link":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/","title":{"rendered":"Oil stalls near the $90 level"},"content":{"rendered":"

WTI<\/strong> briefly touched the $90 per barrel<\/strong> this week as the EIA<\/strong> v\u00e0 API<\/strong> crude oil inventories<\/strong> reported unexpected falls <\/strong>beyond market expectations, but during yesterday\u2019s session it retraced its steps to the $88 per barrel after the Fed\u2019s jumbo 75 basis points decision<\/strong> alongside the hawkish remarks of Fed Chair<\/strong> Powell<\/strong>. Nonetheless, oil traders continue to grapple with conflicting fundamentals<\/strong> of OPEC+ supply cuts<\/strong>, European Union\u2019s embargo<\/strong> on Russian oil and the deteriorating demand outlook<\/strong> from China<\/strong>. Furthermore, growing fears for a potential global economic recession<\/strong>, inject additional uncertainty in the equation. In this report we aim to shed light on the catalysts driving WTI\u2019s<\/strong> price, assess its future outlook and conclude with a technical analysis.<\/p>\n

Fed\u2019s decision raises concerns over oil demand<\/strong><\/h2>\n

The Fed<\/strong> delivered<\/strong> as expected its fourth straight supersized 75 basis points rate hike<\/strong> in the November meeting raising the feds funds rate to 4%,<\/strong> reaching a level once seen before during the global financial crisis of 2008, in an attempt to bring down soaring inflation<\/strong> closer to its 2% benchmark<\/strong> level. In its accompanied<\/strong> statement<\/strong> the FOMC<\/strong> acknowledged the widespread concerns that the pace of rate hikes can severely damage the economy<\/strong> which could trigger a recession<\/strong>, stating that it will take into account the effects of the cumulative tightening of its monetary policy<\/strong>. Following the decision, Fed Chair Powell<\/strong> practically eliminated<\/strong> any hopes<\/strong> for a pivot<\/strong> but cited there will be ongoing hikes<\/strong> until rates are sufficiently restrictive<\/strong> and explicitly stated that the central bank<\/strong> prefers to over-tighten,<\/strong> rather than under-tighten as that would increase the odds of inflation becoming deeply entrenched<\/strong> within the economy for longer<\/strong>. \u00a0Furthermore, the Fed sees the terminal rate<\/strong> closer to 5%<\/strong> rather than the 4.5% initially estimated, hinting there is more ground to cover<\/strong> as inflation remains persistently elevated<\/strong> v\u00e0 chips away US consumers\u2019 purchasing power<\/strong>. As a result, the prospect of even higher interest rates weighs on<\/strong> the demand<\/strong> outlook<\/strong> of<\/strong> oil<\/strong>, as the effect of the Fed\u2019s aggressive monetary policy practices<\/strong> contributes to the slowdown of economic activity<\/strong> in the US economy and increases the odds for global economic recession<\/strong>.<\/p>\n

US oil inventories unexpectedly fall<\/strong><\/h2>\n

On another note, the US crude oil inventories<\/strong> pointed to an increase in oil demand<\/strong> during the past week, as the EIA<\/strong> yesterday reported an unexpected fall<\/strong> of -3.115 million barrels in inventories, despite expectations for a built up of 0.367 million barrels. Furthermore, the API<\/strong> weekly crude oil inventories figure reported on Tuesday, also unexpectedly fell<\/strong> by -6.530 million barrels for the same period. Moreover, we would note that last Friday the Baker Hughes oil rig count<\/strong> showed that the number of active oil rigs in the US has dropped by 2 reaching a total of 610, which could be another indication of increased demand<\/strong> levels, matching<\/strong> the upwards trajectory<\/strong> of oil<\/strong> prices observed this week.<\/p>\n

China disputes rumors for loosening of Covid restrictions<\/strong><\/h2>\n

Earlier this week rumors surfaced that China is set to lift Covid restrictions<\/strong> on big cities across the mainland which sparked hopes for betterment of the whole economic outlook of the country and spurred a rally in the Chinese equities sector. Earlier today, the government disputed those rumors<\/strong>, unequivocally citing that zero covid policy<\/strong> is to remain intact<\/strong> and without a doubt, renewed covid lockdowns<\/strong> are expected to put extra pressure on consumer confidence<\/strong> as well as business activity within the Chinese<\/strong> economy<\/strong>. As a result, the sentiment shifted<\/strong> on the prospect<\/strong> of an extension<\/strong> of the slowdown<\/strong> of the second largest consumer of oil<\/strong> v\u00e0 WTI<\/strong> retraced<\/strong> its<\/strong> steps<\/strong> back to the $88 per barrel level in today\u2019s session.<\/p>\n

Experts see EU\u2019s embargo on Russian oil as ineffective<\/strong><\/h2>\n

The EU\u2019s embargo on Russian oil<\/strong> is set to begin early on December the 5th<\/sup> and in February all imports of oil<\/strong> will be cease. The embargo<\/strong> imposes shipping restrictions<\/strong> should an oil tanker<\/strong> transports<\/strong> oil<\/strong> above the agreed price threshold, which indirectly forces the shipowners to comply with the G7<\/strong> price cap<\/strong> agreement<\/strong>. The decision follows suit after the escalation of the war in Ukraine<\/strong> and is seen as another counter-offensive<\/strong> measure at restricting revenues<\/strong> arising from oil<\/strong> flowing back to Russia<\/strong>, which are used to finance the prolonging of the war. Having said that, market analysts and economists see the embargo as having no or very little impact on the supply<\/strong> as well as the prices of oil<\/strong>, as they anticipate that Russia <\/strong>could easily reroute <\/strong>its shipments <\/strong>towards the east<\/strong>, mainly targeting the insatiable oil-consuming giant China<\/strong> alongside India.<\/p>\n

Ph\u00e2n t\u00edch k\u1ef9 thu\u1eadt<\/strong><\/span><\/h3>\n

WTI H4<\/strong><\/span><\/h4>\n

\"\"<\/p>\n

Looking at WTICash<\/strong> 4-hour chart we observe the price action failing to break successfully<\/strong> above the $90 level<\/strong> and the confinement<\/strong> of the price action between 88.88 (R1) resistance<\/strong> and 85.17(S1) support<\/strong> base. We hold a sideways price action bias<\/strong> given the stabilization<\/strong> and the convergence<\/strong> of both the short<\/strong> v\u00e0 long<\/strong> moving<\/strong> averages<\/strong> right below the price action. Supporting our case is the RSI indicator<\/strong> below our 4hour chart, which currently registers<\/strong> a value<\/strong> of 50<\/strong> showcasing<\/strong> indecision<\/strong> surrounding<\/strong> the commodity<\/strong>. Should the bears take control<\/strong>, we may see the price action retreating<\/strong> below<\/strong> the 85.17 (S1) support<\/strong> level and moving closer to the 81.17 (S2) support base. Should on the other hand, the bulls<\/strong> dominate<\/strong> over the commodity\u2019s<\/strong> direction<\/strong>, we may see the break<\/strong> above the 88.88 (R1) resistance<\/strong> level and the move close to the 98.50 (R2) resistance barrier.<\/p>\n

If you have any general queries or comments relating to this article please send an email directly to our Research team at research_team@ironfx.co<\/a><\/p>\n

Disclaimer:<\/b><\/p>\n

This information is not considered investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"

WTI briefly touched the $90 per barrel this week as the EIA and API crude oil…<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_daim_seo_power":"","_daim_enable_ail":"","footnotes":""},"categories":[1],"tags":[404,380,403],"class_list":["post-39626","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-oil-and-gas","tag-oil-market","tag-oil-price","blog-category-commodities","entry"],"acf":[],"yoast_head":"\nOil Outlook: Oil stalls near the $90 level<\/title>\n<meta name=\"description\" content=\"Most important and recent updates from the Oil market along with our observations of WTI from a technical analysis perspective.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"vi_VN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil stalls near the $90 level\" \/>\n<meta property=\"og:description\" content=\"Most important and recent updates from the Oil market along with our observations of WTI from a technical analysis perspective.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-03T13:01:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T06:37:17+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Oil stalls near the $90 level\",\"datePublished\":\"2022-11-03T13:01:20+00:00\",\"dateModified\":\"2025-10-17T06:37:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/\"},\"wordCount\":958,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#organization\"},\"keywords\":[\"oil and gas\",\"oil market\",\"oil price\"],\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"vi\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/\",\"url\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/\",\"name\":\"Oil Outlook: Oil stalls near the $90 level\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#website\"},\"datePublished\":\"2022-11-03T13:01:20+00:00\",\"dateModified\":\"2025-10-17T06:37:17+00:00\",\"description\":\"Most important and recent updates from the Oil market along with our observations of WTI from a technical analysis perspective.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/#breadcrumb\"},\"inLanguage\":\"vi\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/oil-stalls-near-the-90-level\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Oil stalls near the $90 level\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\""Our Introducing Brokers program offers competitive conditions tailored to our partners' needs. Become an IB and enjoy the highest market rebates."\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"vi\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#organization\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"url\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"vi\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/ironfx-forex-trading.jpg\",\"contentUrl\":\"\\\/wp-content\\\/uploads\\\/2021\\\/07\\\/ironfx-forex-trading.jpg\",\"width\":1200,\"height\":627,\"caption\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ironfx-cn.com\\\/zh\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\",\"name\":\"IronFX Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"vi\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g\",\"caption\":\"IronFX Team\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Oil Outlook: Oil stalls near the $90 level","description":"Most important and recent updates from the Oil market along with our observations of WTI from a technical analysis perspective.","robots":{"index":"noindex","follow":"nofollow"},"og_locale":"vi_VN","og_type":"article","og_title":"Oil stalls near the $90 level","og_description":"Most important and recent updates from the Oil market along with our observations of WTI from a technical analysis perspective.","og_url":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/","og_site_name":"Complete Turnkey Introducing Brokers (IB) Solution at IronFX","article_published_time":"2022-11-03T13:01:20+00:00","article_modified_time":"2025-10-17T06:37:17+00:00","author":"IronFX Team","twitter_card":"summary_large_image","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/#article","isPartOf":{"@id":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/"},"author":{"name":"IronFX Team","@id":"https:\/\/www.ironfx-cn.com\/zh\/#\/schema\/person\/6727476356d10030d1564b38f6e699b1"},"headline":"Oil stalls near the $90 level","datePublished":"2022-11-03T13:01:20+00:00","dateModified":"2025-10-17T06:37:17+00:00","mainEntityOfPage":{"@id":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/"},"wordCount":958,"publisher":{"@id":"https:\/\/www.ironfx-cn.com\/zh\/#organization"},"keywords":["oil and gas","oil market","oil price"],"articleSection":["Uncategorized"],"inLanguage":"vi"},{"@type":"WebPage","@id":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/","url":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/","name":"Oil Outlook: Oil stalls near the $90 level","isPartOf":{"@id":"https:\/\/www.ironfx-cn.com\/zh\/#website"},"datePublished":"2022-11-03T13:01:20+00:00","dateModified":"2025-10-17T06:37:17+00:00","description":"Most important and recent updates from the Oil market along with our observations of WTI from a technical analysis perspective.","breadcrumb":{"@id":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/#breadcrumb"},"inLanguage":"vi","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.smartindonesiafx.id\/vi\/oil-stalls-near-the-90-level\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.smartindonesiafx.id\/vi\/"},{"@type":"ListItem","position":2,"name":"Oil stalls near the $90 level"}]},{"@type":"WebSite","@id":"https:\/\/www.ironfx-cn.com\/zh\/#website","url":"https:\/\/www.ironfx-cn.com\/zh\/","name":"Gi\u1ea3i ph\u00e1p Nh\u00e0 m\u00f4i gi\u1edbi gi\u1edbi thi\u1ec7u ch\u00eca kh\u00f3a trao tay (IB) ho\u00e0n ch\u1ec9nh t\u1ea1i IronFX","description":""Ch\u01b0\u01a1ng tr\u00ecnh Nh\u00e0 m\u00f4i gi\u1edbi Gi\u1edbi thi\u1ec7u c\u1ee7a ch\u00fang t\u00f4i cung c\u1ea5p c\u00e1c \u0111i\u1ec1u ki\u1ec7n c\u1ea1nh tranh \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh ph\u00f9 h\u1ee3p v\u1edbi nhu c\u1ea7u c\u1ee7a c\u00e1c \u0111\u1ed1i t\u00e1c. H\u00e3y tr\u1edf th\u00e0nh IB v\u00e0 t\u1eadn h\u01b0\u1edfng m\u1ee9c ho\u00e0n ph\u00ed cao nh\u1ea5t th\u1ecb tr\u01b0\u1eddng."","publisher":{"@id":"https:\/\/www.ironfx-cn.com\/zh\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ironfx-cn.com\/zh\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"vi"},{"@type":"Organization","@id":"https:\/\/www.ironfx-cn.com\/zh\/#organization","name":"Gi\u1ea3i ph\u00e1p Nh\u00e0 m\u00f4i gi\u1edbi gi\u1edbi thi\u1ec7u ch\u00eca kh\u00f3a trao tay (IB) ho\u00e0n ch\u1ec9nh t\u1ea1i IronFX","url":"https:\/\/www.ironfx-cn.com\/zh\/","logo":{"@type":"ImageObject","inLanguage":"vi","@id":"https:\/\/www.ironfx-cn.com\/zh\/#\/schema\/logo\/image\/","url":"\/wp-content\/uploads\/2021\/07\/ironfx-forex-trading.jpg","contentUrl":"\/wp-content\/uploads\/2021\/07\/ironfx-forex-trading.jpg","width":1200,"height":627,"caption":"Complete Turnkey Introducing Brokers (IB) Solution at IronFX"},"image":{"@id":"https:\/\/www.ironfx-cn.com\/zh\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/www.ironfx-cn.com\/zh\/#\/schema\/person\/6727476356d10030d1564b38f6e699b1","name":"IronFX Team","image":{"@type":"ImageObject","inLanguage":"vi","@id":"https:\/\/secure.gravatar.com\/avatar\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/92d752eefdd58f84a80c87c45e25d421800364fdd26cd623e15031af029eebef?s=96&d=mm&r=g","caption":"IronFX Team"}}]}},"_links":{"self":[{"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/posts\/39626","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/comments?post=39626"}],"version-history":[{"count":0,"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/posts\/39626\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/media?parent=39626"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/categories?post=39626"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.smartindonesiafx.id\/vi\/wp-json\/wp\/v2\/tags?post=39626"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}