Despite bullish inventory numbers, oil markets are caught between disappointing industrial activity in several parts of the world and uncertainty about the next steps of the U.S. Federal Reserve
October West Texas Intermediate Crude oil futures posted a volatile trade on Thursday on top of a bearish weekly performance. The price action reflected a myriad of factors from economic data to geopolitical shifts.Concerns about global economic health cast a shadow over oil prices. Weak figures from major economies, including Japan's shrinking factory activity, declining business activity in the Eurozone, and Britain's potential economic contraction, have heightened demand anxieties.
The intermediate range is $95.40 to $64.42. The market is currently facing a challenge at its retracement zone at $79.91 to $83.57. A sustained move over the upper level at $83.57 will indicate the buying is getting stronger. A break back under $79.91 won’t change the trend, but it will be a sign of weakness, probably linked to profit-taking or demand concerns.
Decisions by the U.S. Federal Reserve and China's economic path will play a pivotal role. In essence, the oil landscape will be shaped by global geopolitics, economic indicators, and investor sentiments, making short-term predictions challenging. Traders are likely to remain vigilant, awaiting key macroeconomic cues to decipher future trends.
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