Post-OPEC+ oil price recovery fades away – TDS
Source Fxstreet
Crude Oil's recovery could start to fade as upside momentum eases, TDS Senior Commodity Strategist Ryan McKay notes.
Markets may halt their Brent and WTI buying program
“In WTI crude, Commodity Trading Advisors (CTAs) will need to see prices breakthrough $80/bbl to see a continuation of the recent buying program, while liquidations appear to be the more likely risk with downside triggers at $78.36/bbl. Brent crude could also see selling on a failure to break through the $83/bbl level.”
“Indeed, while the market has recovered nicely from the OPEC driven knee-jerk lower, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
On November 4, gold prices (XAUUSD) surged during the Asian trading session. As the Democratic Party won the U.S. midterm elections, the U.S. Dollar Index and U.S. Treasury yields weakene
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 4, 2026. Read on for the details.
Brent settled at $103.60, its lowest close since October 7 and an 8% weekly drop on US-Iran talks. Yet API crude stocks fell 5.267 million barrels versus a 2.1 million build expected.
AMD Q3 revenue rose 45% to $13.38B, data center jumped 97% to $8.5B, and EPS hit $2.09; Q4 guidance is $17B. The stock rose 3.65% to $483.90, but free cash flow was $554M versus $1.97B expected.
US Dollar Index (DXY) faces some selling pressure near 101.25 during the early Asian session on Wednesday. Traders will closely monitor the US midterm election outcomes later in the day for fresh impetus.
Related Instrument
