{"id":198727,"date":"2023-11-23T01:17:44","date_gmt":"2023-11-22T19:47:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=198727"},"modified":"2023-11-23T01:17:44","modified_gmt":"2023-11-22T19:47:44","slug":"crude-oil-looking-for-a-recovery-after-wti-sinks-below-74-per-barrel-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crude-oil-looking-for-a-recovery-after-wti-sinks-below-74-per-barrel-crypto-news\/","title":{"rendered":"Crude Oil looking for a recovery after WTI sinks below $74 per barrel &#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 is clawing back after a downside shock fueled by OPEC meeting cancelation.<\/strong><\/li>\n<li><strong>OPEC finance minister meeting re-scheduled for November 30th.<\/strong><\/li>\n<li><strong>OPEC is expected to focus on production cuts next week.<\/strong><\/li>\n<\/ul>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/westtexasintermediate\">West Texas<\/a> Intermediate (WTI) is paring back Wednesday&#8217;s early losses as investor appetite recovers following a bout of uncertainty surrounding a delayed meeting for the Organization of the Petroleum Exporting Countries (OPEC).<\/p>\n<p>OPEC&#8217;s finance ministers&#8217;\u00a0meeting for November 26th was canceled and shuffled into next week, now slated for November 30th.<\/p>\n<p>The meeting, where finance ministers from OPEC member states are expected to discuss OPEC&#8217;s current production quotas, was thrown into turmoil after Saudi Arabia expressed clear dissatisfaction with how many OPEC members have been producing and selling more crude oil than current OPEC caps.<\/p>\n<p>US Crude Oil <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/equities\">stocks<\/a> numbers also surged on Wednesday, with the Energy Information Administration&#8217;s (EIA) Crude Oil Stocks Change revealing an unexpected building of 8.701 million barrels into the week ending November 17th.<\/p>\n<p>The surprise buildup is significantly higher than the expected 0.9 million buildup and adds significantly to the previous week&#8217;s 3.6\u00a0million addition.<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Technical Outlook<\/h2>\n<p>Crude Oil has been no stranger to sudden chart drops in recent history, and the WTI&#8217;s Wednesday decline sent US <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\">Crude Oil<\/a> briefly back below $74.00\/barrel before paring away most of the day&#8217;s losses to rechallenge the $77.00 level.<\/p>\n<p>Despite Wednesday&#8217;s late-day recovery, WTI remains under fierce selling pressure, trading on the low side of the 200-day Simple Moving Average (SMA). The immediate low for WTI sits at a five-month low near $72.00, while the immediate ceiling will be last week&#8217;s peak just below $88.00.<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Hourly Chart<\/h2>\n<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Daily Chart<\/h2>\n<h2 class=\"fxs_headline_medium\"><img decoding=\"async\" alt=\"\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/WTI%20US%20OIL-638362779652433516.png\" style=\"width: 898px;height: 729px\" \/><\/h2>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: Crude Oil is clawing back after a downside shock fueled by OPEC meeting cancelation. OPEC finance minister meeting re-scheduled for November 30th. OPEC is expected to focus on production cuts next week. West Texas Intermediate (WTI) is paring back Wednesday&#8217;s early losses as investor appetite recovers following a bout of uncertainty surrounding a delayed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14231,"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-198727","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\/198727","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=198727"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/198727\/revisions"}],"predecessor-version":[{"id":198729,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/198727\/revisions\/198729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/14231"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=198727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=198727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=198727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}