Crude oil WTI daily
The oil market has been in a tough spot.
The macroeconomic situation is deteriorating, hopes for Chinese stimulus are fading, and all the data from Russia and OPEC are pointing to a surprise drop in exports.
This has led to a real push and pull in the market including a big rally on Wednesday and a bigger drop today. West Texas Intermediate crude settled down $2.48 on Friday at $80.34, its lowest since June 17.
On a daily basis, crude oil is still within the recent range but just barely. Next week, all eyes will be on China regarding some stimulus plans after the full session, but I am not counting on that. Otherwise, we will be looking to the US GDP and regular inventory numbers, which have been supportive so far.
In the Atlantic Ocean, there are currently no disturbances that could turn into hurricanes.
