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A Battle Between Fundamental And Technical Oil Traders

U.S. West Texas Intermediate crude oil futures rebounded slightly on Thursday, but the market is still in a position to post a nearly 5% loss for the week.

Bottom-picking technical traders likely stopped the decline after the October futures contract tested a seven-month low and a key Fibonacci support level at $81.85. Fundamentally, counter-trend buyers took notice of Russia’s latest threat to halt oil and gas exports to some buyers.

Surprisingly, prices rose despite an unexpected build in U.S. crude inventories, news that the United States was weighing the need for more crude releases from strategic reserves, and concerns China’s strict COVID-19 lockdown extensions and rising global interest rates would slow economic activity and hit worldwide fuel demand.

China’s Trade Loses Steam as Demand Wanes at Home and Abroad

Crude oil prices got off to a shaky start early Wednesday after a report showed China’s exports and imports lost momentum in August with growth significantly missing forecasts as surging inflation crippled overseas demand and fresh COVID curbs and heatwaves disrupted output, reviving downside risks for the shaky economy.

The disappointing August trade figures rattled the crude oil market, which had already been buckling under a surging U.S. Dollar and the prospect of higher global interest rates.

Global Central Bank Tightening to Continue, but Dollar Remains King

Several world central banks are…

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