In Thursday's session, the West Texas Intermediate (WTI) retreated below $87.00, near $86.30, after releasing the Energy Information Administration (E
Global tighter supply amid further extensions of voluntary cuts on OPEC+ countries limits the downside for WTI.In Thursday's session, the West Texas Intermediate retreated below $87.00, near $86.30, after releasing the Energy Information Administration stock data. On the USD side, despite falling yields, it stays resilient and contributed to the WTI’s decline.decreased by 6.37M in the first week of September, higher than the expected 2.06M, but failed to trigger a reaction on the WTI.
On a positive note, Saudi Arabia, the biggest Oil exporter in the world, is set to extend its voluntary production cuts throughout the rest of 2023 by 1.66 million barrels per day after announcing a 1 million reduction in July. In that sense, supply forces may limit the downside for the WTI. Analyzing the daily chart, the WTI's technical outlook is bullish in the short term, butstill flash overbought signals meaning that the price may correct in the next sessions.
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