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WTI Falls to Lowest Since Feb

OIL

WTI has sunk further and is now at its lowest level since February as economic concerns outweigh a larger-than-expected US crude draw. WTI has fallen through its first support level.

  • WTI OCT 24 down 2.2% at 71.58$/bbl
  • WTI OCT 24-NOV 24 down 0.11$/bbl at 0.61$/bbl
  • SUP 1: $71.67 - Low Aug 5 and the bear trigger
  • SUP 2: $70.73 - Low Feb 5
  • The U.S. added 818k fewer jobs than previously reported from the spring of 2023 to the spring of 2024, indicating that employment growth was in fact slower than first thought.
  • US crude inventories resumed the declining trend driven by a larger than expected increase in refinery runs, with stocks down 4.65m bbl compared to Bloomberg estimates of a 1.97m bbl draw.
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