{"id":204637,"date":"2023-12-02T00:26:46","date_gmt":"2023-12-01T18:56:46","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=204637"},"modified":"2023-12-02T00:26:46","modified_gmt":"2023-12-01T18:56:46","slug":"crude-oil-heading-back-down-once-again-after-wti-sees-a-sharp-rejection-from-76-50-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crude-oil-heading-back-down-once-again-after-wti-sees-a-sharp-rejection-from-76-50-crypto-news\/","title":{"rendered":"Crude Oil heading back down once again after WTI sees a sharp rejection from $76.50 &#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 rises, then tumbles again in frothy energy markets.<\/strong><\/li>\n<li><strong>WTI backslides into $74.50 in exacerbated market volatility.<\/strong><\/li>\n<li><strong>OPEC production cuts unlikely to eat away at oversupply amidst declining demand.<\/strong><\/li>\n<\/ul>\n<p>West Texas Intermediate (WTI) Crude Oil is seeing a choppy session during Friday\u2019s late-week trading, climbing back towards $77.00 per barrel before falling once more towards $74.50 as oil markets whip. Crude Oil saw a sharp rejection on Thursday as investors remain skeptical the Organization of the Petroleum Exporting Countries (OPEC) will be able to successfully execute recently-announced production cuts.<\/p>\n<p>OPEC recently announced an additional million barrels per day (bpd) reduction in Crude Oil pumping quotas, but markets remain skeptical about the oil cartel\u2019s ability to execute a production cap that is increasingly unpopular with many of its smaller constituent member states.<\/p>\n<p>Lack of agreement over amounts, length of time, and general terms sees fossil fuel investors raising eyebrows as OPEC leaves itself no real method of enforcing compliance with the opt-in cuts, which are expected to run through the first quarter of 2024.<\/p>\n<p>With OPEC\u2019s meager million bpd production cut unlikely to chew through slumping global Crude Oil demand, oil barrel supply overhangs are expected to exacerbate in the coming months.<\/p>\n<p>According to the US Energy Information Administration (EIA), US Crude Oil reserves climbed even further for the week into November 24th, adding 1.6 million barrels to current Crude Oil <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/equities\">stocks<\/a>. The number represents a notable decline from the previous week\u2019s 8.7 million barrel addition, but it still overshot the market\u2019s hopeful forecast of a 933K barrel drawdown.<\/p>\n<h2 class=\"fxs_headline_medium\">WTI Technical Outlook<\/h2>\n<p>WTI Crude Oil is heading back into the low end on Friday after a cautious recovery gets cut short. US Crude Oil saw a sharp rejection from the 200-day Simple Moving Average (SMA) near $78.00 this week, and WTI is set to head into the Friday market close on the back foot.<\/p>\n<p>Crude Oil has seen a rough, volatile, and lopsided consolidation phase lately, cycling in rough trade between $78.00 and $75.00 per barrel. A bearish extension from here will require significant momentum to crack the downside barrier near $74.00, while a topside swing will need to land somewhere closer to the 50-day SMA near the $82.00 handle.<\/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 rises, then tumbles again in frothy energy markets. WTI backslides into $74.50 in exacerbated market volatility. OPEC production cuts unlikely to eat away at oversupply amidst declining demand. West Texas Intermediate (WTI) Crude Oil is seeing a choppy session during Friday\u2019s late-week trading, climbing back towards $77.00 per barrel before falling once [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,683,797,252,247,253,249,256,254,664],"class_list":["post-204637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oil","tag-opec","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\/204637","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=204637"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/204637\/revisions"}],"predecessor-version":[{"id":204638,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/204637\/revisions\/204638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/21185"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=204637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=204637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=204637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}