Oil Price Forecast: WTI Rangebound as Demand Concerns Resurface. $80 a Barrel Incoming?

📆 10/27/2023 4:56 PM
📰 DailyFX

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Oil prices failed to maintain yesterday's bullish momentum as markets anticipate a drop in demand in Q4 from both the US and Europe. Is WTI finally heading back to the 80.00 mark?

Looking at the export numbers from the US and it tells a similar story of a slowdown with the US exporting less Oil to Europe. Crude exports to Europe fell to 1.86 million barrels a day in September, down from the 2.01 million barrels a day in July.

A daily candle close below the 83.00 mark can finally open up a possible return to the 80.00 psychological level. There are some hurdles however with the 100-day MA resting at the 80.86 while he previous swing low at 81.50 may provide a challenge as well.

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