{"id":39626,"date":"2022-11-03T15:01:20","date_gmt":"2022-11-03T13:01:20","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?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.com<\/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,"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=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/vi\/wp-json\/wp\/v2\/posts\/39626\/\" \/>\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.smartindonesiafx.id\\\/vi\\\/#\\\/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.smartindonesiafx.id\\\/vi\\\/#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.smartindonesiafx.id\\\/vi\\\/#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.smartindonesiafx.id\\\/vi\\\/#website\",\"url\":\"https:\\\/\\\/www.smartindonesiafx.id\\\/vi\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\""Our Introducing Brokers program offers competitive conditions tailored to our partners' needs. 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