Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Commodities

Crude Oil rebounds on Thursday, WTI climbs back into technical congestion near $77.50

Source Fxstreet

Crude Oil markets recovered after Wednesday’s decline as barrel bids rebound.
WTI shrugs off warnings that global oil demand is set to peak according to the EIA.
Crude Oil demand estimates have deviated wildly.

West Texas Intermediate (WTI) Crude Oil rebounded on Thursday, catching an upshot into $77.50 per barrel and slamming back into a technical congestion zone on the charts as energy market bid Crude Oil back up after a midweek pullback. Crude Oil supply lines saw an unexpected uptick in barrel counts this week, warning barrel traders that global supply continues to climb at a much faster pace than energy markets initially expected.

According to the International Energy Agency (IEA), global Crude Oil demand is going to settle into a much lower range than previously expected, with the IEA lowering its 2024 growth forecast. The IEA now expects global oil demand to grow by just 1.22 million barrels per day this year, down from the previous month’s estimate and coming in well below the forecast 2.25 million bpd growth forecast by the Organization for the Petroleum Exporting Countries (OPEC).

The IEA also expanded its projections for 2024’s production growth, forecasting global Crude Oil production to grow by 1.7 million bpd compared to the previous forecast of 1.5 million bpd. The IEA now expects global Crude Oil production will expand to a record 103.8 million barrels per day, fueled by production growth from non-OPEC entities, primarily the US.

Despite OPEC’s insinuation that they will be able to cut production enough to keep global crude markets constrained, the IEA expects demand for OPEC+ Crude Oil to continue to come in below current production targets.

WTI technical outlook

Thursday’s rebound in the WTI sees US Crude Oil climbing back into the 200-day Simple Moving Average (SMA) near $77.40 as WTI grinds its way back towards the $78.00 handle.

WTI is set to close once more in the green, offsetting Wednesday’s declines and putting US Crude Oil on pace to close higher for eight of the last nine consecutive trading days.

WTI hourly chart

WTI daily chart

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Dollar presses 102 as the 10-year yield sits at 5.14% — and October hike odds are only 17%The dollar index closed at 101.99 (+0.20%) on Monday after briefly topping 102.07, while the 10-year Treasury yield rose to 5.14% and the 2-year hit 4.774% — yet futures price only about a 17% chance of a hike at the October 27-28 FOMC, versus roughly 90% for December. The driver is a global bond selloff, not a Fed repricing: France's 10-year OAT jumped to 4.84% ~ 4.94% and the OAT-Bund spread widened to 140 ~ 146bp. Here are the levels, the cross-asset read-through and what to watch.

Author Irene Q.

Oct 20, Tue

The dollar index closed at 101.99 (+0.20%) on Monday after briefly topping 102.07, while the 10-year Treasury yield rose to 5.14% and the 2-year hit 4.774% — yet futures price only about a 17% chance of a hike at the October 27-28 FOMC, versus roughly 90% for December. The driver is a global bond selloff, not a Fed repricing: France's 10-year OAT jumped to 4.84% ~ 4.94% and the OAT-Bund spread widened to 140 ~ 146bp. Here are the levels, the cross-asset read-through and what to watch.

Tesla Q3 Earnings Preview: Can Auto Margins Stabilize? Wall Street’s Highest Price Target at $550 Tesla (TSLA) will report its third-quarter 2026 financial results after the U.S. stock market close on October 21, Eastern Time, and host an earnings conference call at 17:30 that day. Th

Author TradingKey

Oct 20, Tue

Tesla (TSLA) will report its third-quarter 2026 financial results after the U.S. stock market close on October 21, Eastern Time, and host an earnings conference call at 17:30 that day. Th

The Dow gained 500 points and the two AI names that matter fell after hours — Netflix's guide is the tell The Dow closed 529.85 points higher at 52,495.88 (+1.02%) and the VIX fell 6.13% to 17.31, but the two stocks that carry the AI trade moved the other way after Tuesday's close: Netflix slipped to $64.74 (-5.8%) after guiding Q4 EPS of $0.67, below the street, while SpaceX jumped about 8% to near $160 on its first profit as a public company and revenue up 161%. Netflix is now below its 52-week low of $65.08. Here are the numbers, the $65 / $70 levels and the two catalysts that matter this week.

Author Irene Q.

Yesterday 05: 56

The Dow closed 529.85 points higher at 52,495.88 (+1.02%) and the VIX fell 6.13% to 17.31, but the two stocks that carry the AI trade moved the other way after Tuesday's close: Netflix slipped to $64.74 (-5.8%) after guiding Q4 EPS of $0.67, below the street, while SpaceX jumped about 8% to near $160 on its first profit as a public company and revenue up 161%. Netflix is now below its 52-week low of $65.08. Here are the numbers, the $65 / $70 levels and the two catalysts that matter this week.

Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - October 22, 2026 Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 22, 2026. Read on for the details.

Author Mitrade

8 hours ago

Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for October 22, 2026. Read on for the details.

The Fed will sit still on October 28 — but 100 of 100 economists now expect a December hike A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Author Irene Q.

3 hours ago

A Reuters poll run October 16-20 found 94 of 100 economists expecting the Fed to hold at 3.75-4.00% on October 28 — and all 100 expecting a hike in December, against less than half a month earlier. The market is close to the same price, with CME FedWatch at roughly 17% for October and 82.8% for December. With the Fed in blackout since October 17, here are the five dates that decide the rest of the year, what each one is priced for, and the two directions each can take.

Related Instrument