{"id":178908,"date":"2023-10-22T13:02:10","date_gmt":"2023-10-22T07:32:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178908"},"modified":"2023-10-22T13:02:10","modified_gmt":"2023-10-22T07:32:10","slug":"wti-giving-back-some-of-thursdays-gains-tests-below-88-00-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/wti-giving-back-some-of-thursdays-gains-tests-below-88-00-crypto-news\/","title":{"rendered":"WTI giving back some of Thursday&#8217;s gains, tests below $88.00 &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>Crude Oil prices are seeing a tentative step back after tipping into a 13-day high early on Friday.<\/strong><\/li>\n<li><strong>WTI tested back into the $88.00 handle, but plenty of bidding strength remains as markets weigh geopolitical concerns.<\/strong><\/li>\n<li><strong>Bidding interest remains high in Crude Oil, and downside moves will face continued upside pressure.<\/strong><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/westtexasintermediate\">West Texas<\/a> Intermediary (WTI) Crude <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\">Oil prices<\/a> are on the lower side for Friday, albeit slightly as ongoing geopolitical tensions in the Gaza Strip threaten to spill over and global production continues to flub barrel demand.<\/p>\n<p>Thursday&#8217;s run up the charts in spot Crude prices saw a mild extension into early Friday, sending WTI into $89.64 to retest its highest bids in almost three trading weeks before a relief pullback pinged just south of $88.00 per barrel.<\/p>\n<p>Price action is now firming up in the midrange with Crude Oil bids testing back and forth near the $88.00 neighborhood as energies traders weigh their options heading into the weekend market close.<\/p>\n<p>Geopolitical tensions between Israel and Hamas continue to weigh on oil markets as investors fret over a potential spillover that could destabilize the region near the Strait of Hormuz; while Israel and Palestine are not major players in Crude Oil markets, the nearby Strait of Hormuz is a key chokepoint for global oil supply, seeing a fifth of all oil supply pass through its waters.<\/p>\n<p>It was revealed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\/united-states\">this week<\/a> that the US is set to lift sanctions on Venezuelan crude oil exports in a bid to prop up woefully under-supplied global oil markets, which took WTI lower in the mid-week, but Venezuelan oil producers remain drastically below capacity, and it will take some time for Venezuelan barrels to begin eating away at undersupply.<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Technical Outlook<\/h2>\n<p>Crude Oil has continued a healthy rebound from October&#8217;s early dip into $80.63, with WTI bids still up around 9% from the month&#8217;s early swing low, and a bullish continuation will pave the way for a run at September&#8217;s high bids near $94.00.<\/p>\n<p>The downside is getting capped off by the 50-day Simple Moving Average, currently pushing higher from just south of $86.00, and daily candlesticks have so far been unwilling to push too far past the technical barrier, with the 200-day SMA rolling over into a bullish stance from $78.00<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Daily Chart<\/h2>\n<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Technical Levels<\/h2>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: Crude Oil prices are seeing a tentative step back after tipping into a 13-day high early on Friday. WTI tested back into the $88.00 handle, but plenty of bidding strength remains as markets weigh geopolitical concerns. Bidding interest remains high in Crude Oil, and downside moves will face continued upside pressure. West Texas Intermediary [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":31845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,729,255,250,683,252,247,253,249,256,254,664],"class_list":["post-178908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-energy","tag-gta","tag-looks-rare","tag-oil","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress","tag-wti"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178908"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178908\/revisions"}],"predecessor-version":[{"id":178909,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178908\/revisions\/178909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/31845"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}