Western Texas Intermediate (WTI) ended the week with a loss of 0.55%. Chinese demand and a soft US dollar supported oil prices. , WTI buyers that fail to break above the 50-day EMA keep commodities biased to the downside. , WTI closes Friday’s trading session nearly flat, as Wall Street ended the day sharply higher amid hopes of a turnaround from the Federal Reserve after executives said Fed officials discussed slowing rates after the November meeting. At the time of writing, WTI is trading at $85.17 a barrel, up at least 0.19 percent. WTI HIGHER MINISTEID EVENTS AFTER WEAK US DOLLAR AND CHINESE DEMAND HOPE With the Federal Reserve likely to tone down its aggressiveness, the dollar fell, a tailwind for US dollar commodities. The US Treasury yield recovered from earlier gains, weakening 0.88% to 111.865 against the dollar index, from 113.9 2 in early 2010. In addition, oil prices rose in volatile trade as Chinese demand strengthened. News that the country may relax quarantine restrictions on foreign visitors from 10 days to 7 days sent oil prices soaring. The Organization of the Petroleum Exporting Countries (OPEC) and its allies have decided to cut oil production due to a weakening global economic outlook that threatens to push the largest economies into recession. OPEC raised production by 2 million barrels per day in a widely criticized decision by the White House, and the White House reacted negatively to the decision. WTI Price Forecast Western Texas Intermediate (WTI) rose slightly on the day and remains at the 20-day exponential moving average (EMA) of 85.13 PB on dry volume. During the week, the US crude oil benchmark failed to trade above the 50-day EMA at $86.80, indicating downside risks. Therefore, WTI’s first support would be the October 18 intraday low at $82.10, followed by the September 30 swing at $79.16, and then the year-to-date low at 76, 28 USD.

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