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

Weekly Report: Gold up 4.5%, Brent down 16.4% — three commodity regimes just reset Gold rose 4.51% to $4,074.90 while Brent fell 16.42% to $98.32 in the same five sessions — two inflation hedges, opposite answers. Around them, the gold-silver ratio sits at 78.7 and copper fell 3.72%. Three regime signals, two of them close to flipping, define what commodity traders must re-price before Tuesday's CPI.

Author Irene Q.

Yesterday 03: 05

Gold rose 4.51% to $4,074.90 while Brent fell 16.42% to $98.32 in the same five sessions — two inflation hedges, opposite answers. Around them, the gold-silver ratio sits at 78.7 and copper fell 3.72%. Three regime signals, two of them close to flipping, define what commodity traders must re-price before Tuesday's CPI.

The CPI that has no year-over-year number is the one that decides December October CPI lands on Nov 10 at 13:30 GMT, and it will be published without a year-over-year figure: BLS never collected October 2025 prices during the federal shutdown. Consensus is +0.3% headline and +0.2% core month-on-month, against +0.6% and +0.3% in September. With December hike odds at 77%, the month-on-month print is now the whole story, and $4,197–4,202 on gold and 4.86% on the 10-year are the levels that price it.

Author Irene Q.

Yesterday 03: 23

October CPI lands on Nov 10 at 13:30 GMT, and it will be published without a year-over-year figure: BLS never collected October 2025 prices during the federal shutdown. Consensus is +0.3% headline and +0.2% core month-on-month, against +0.6% and +0.3% in September. With December hike odds at 77%, the month-on-month print is now the whole story, and $4,197–4,202 on gold and 4.86% on the 10-year are the levels that price it.

US October CPI Preview: Inflation Growth May Slow, How Will US Stocks, Dollar and Gold React? On Tuesday (Nov. 10) Eastern Time, the U.S. will release the October Consumer Price Index (CPI), a key inflation reading ahead of the Federal Reserve's December interest rate decision. Th

Author TradingKey

Yesterday 08: 08

On Tuesday (Nov. 10) Eastern Time, the U.S. will release the October Consumer Price Index (CPI), a key inflation reading ahead of the Federal Reserve's December interest rate decision. Th

Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 10, 2026 Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 10, 2026. Read on for the details.

Author Mitrade

10 hours ago

Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 10, 2026. Read on for the details.

Nvidia fell 4.3% on a day the Nasdaq rose 2.7% — this is a governance discount, not an AI warning Nvidia closed at $178.67 on November 9, down 4.27% with an intraday low of $170.24, while the Nasdaq rose 2.74% and the Philadelphia Semiconductor Index jumped 6.85%. Volume was roughly 2.5 times the prior session. The board opened an independent review after CEO Jensen Huang's public statement about his personal life. With Q3 earnings on November 17, the two levels that matter are $170.24 and $200."

Author Irene Q.

8 hours ago

Nvidia closed at $178.67 on November 9, down 4.27% with an intraday low of $170.24, while the Nasdaq rose 2.74% and the Philadelphia Semiconductor Index jumped 6.85%. Volume was roughly 2.5 times the prior session. The board opened an independent review after CEO Jensen Huang's public statement about his personal life. With Q3 earnings on November 17, the two levels that matter are $170.24 and $200."

Related Instrument