WTI extends recovery to $78.50 ahead of global inflation data, OPEC meet

Source Fxstreet
  • WTI jumps to $78.50 with a focus on global inflation data.
  • The Fed is expected to announce rate cuts in the last quarter of this year.
  • Investors will focus on the OPEC meeting to know about any change in the oil supply policy.

West Texas Intermediate (WTI), futures on NYMEX, rises further to $78.50 in Monday’s New York session. The Oil price rises even though investors expect that the Federal Reserve (Fed) will consider reducing interest rates from the current levels in the last quarter of this year.

Market speculation for Fed rate cuts has shifted to the last quarter from the September meeting as policymakers want the continuation of current policy framework for a longer period until they get evidence that inflation will sustainably return to the desired rate of 2%. Fed officials emphasize keeping the policy framework restrictive despite the slowdown in price pressures in April suggested by the Consumer Price Index (CPI) report of the same month.

Historically, easing Fed rate-cut prospects is an unfavorable situation for the Oil price as higher interest rates reduced flow of liquidity into the economy, which weakens the OIL demand outlook.

This week, investors will focus on the United States core Personal Consumption Expenditure price index (PCE) data for April and the Eurozone preliminary inflation data for May, which will influence speculation for rate cuts by the Fed and the European Central Bank (ECB), respectively, which will be published on Friday.

The ECB is expected to begin cutting key borrowing rates in June, while investors doubt whether policymakers will follow the dovish decision in the July meeting, too.

On the supply front, investors will focus on the OPEC meeting that is scheduled for June 2. Investors will focus on whether oil-rich nations will change the current output cut of 2.2 million barrels for data.

WTI US OIL

Overview
Today last price 78.37
Today Daily Change 0.70
Today Daily Change % 0.90
Today daily open 77.67
 
Trends
Daily SMA20 78.72
Daily SMA50 81.47
Daily SMA100 78.73
Daily SMA200 79.58
 
Levels
Previous Daily High 77.89
Previous Daily Low 76.04
Previous Weekly High 80.06
Previous Weekly Low 76.04
Previous Monthly High 87.12
Previous Monthly Low 80.62
Daily Fibonacci 38.2% 77.18
Daily Fibonacci 61.8% 76.75
Daily Pivot Point S1 76.51
Daily Pivot Point S2 75.34
Daily Pivot Point S3 74.65
Daily Pivot Point R1 78.37
Daily Pivot Point R2 79.06
Daily Pivot Point R3 80.23

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
China's factories are pricing in 5.7%. Its shoppers are pricing in 0.7%.China's October PPI rose 5.7% year on year, the fastest since June 2022, while CPI slowed to 0.7% and core CPI to 0.8%. Input prices rose faster than factory-gate prices, squeezing mid-stream margins by roughly five percentage points. The Hang Seng fell 0.13% on a day the S&P 500 rose 2.35%, the only major market to sit out the risk-on session.
Author  Irene Q.
Nov 10, Tue
China's October PPI rose 5.7% year on year, the fastest since June 2022, while CPI slowed to 0.7% and core CPI to 0.8%. Input prices rose faster than factory-gate prices, squeezing mid-stream margins by roughly five percentage points. The Hang Seng fell 0.13% on a day the S&P 500 rose 2.35%, the only major market to sit out the risk-on session.
placeholder
Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 11, 2026Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.
Author  Mitrade
Nov 11, Wed
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 11, 2026. Read on for the details.
placeholder
Gold Extends Slide Below $4,000 as Rising US Inflation, Fed December Hike Bets Pressure Prices On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day
Author  TradingKey
Yesterday 02: 00
On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day
placeholder
Gold closed below $4,000 again — the ETF crowd and central banks stayed, the momentum money leftSpot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.
Author  Irene Q.
Yesterday 03: 20
Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.
placeholder
US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP
Author  TradingKey
Yesterday 08: 36
On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP
goTop
quote