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- WTI re-attempts $79 mark, as sell-off pauses ahead of US NFP
WTI re-attempts $79 mark, as sell-off pauses ahead of US NFP
- WTI snaps a three-day downtrend ahead of the critical US NFP report.
- Saudi report smashed WTI after OPEC+ agreed to planned 400K output boost.
- A cautious market mood could likely cap the oil price recovery.
WTI (NYMEX futures) is licking its wounds around the $79 mark so far this Friday, as the bears take a breather after the three straight days of heavy declines.
The black gold corrected further away from seven-year highs of $84.97 after the Energy Information Administration (EIA) reported an oil inventory build of 3.3 million barrels for the week to October 29.
The pain in the US oil deepened on Thursday following a report that Saudi Arabia's oil output will soon surpass 10 million barrels per day (bpd) for the first time since the COVID-19 pandemic hit the world economy.
The report came after OPEC and its allies (OPEC+) agreed to stick to previously agreed-upon production increases of 400K bpd.
Looking forward, it remains to be seen if WTI can sustain the bounce amid pre-NFP cautious trading and resurfacing Chinese property sector concerns.
Read: WTI oil futures correct sharply higher but some caution still in play
WTI: Additional levels to watch
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