U.S. benchmark crude oil, or WTI, traded around $70.85 last Friday. WTI prices rose after hitting a six-month low due to requests from Russia and Saudi Arabia to the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to adhere to oil production cuts.
 
On Thursday, Saudi Arabia and Russia, two of the world's largest oil exporters, invited all OPEC+ members to join in the production cut agreement aimed at maintaining stability in the global oil market. Nevertheless, the positive outlook regarding OPEC+ production cuts may boost WTI prices.
 
On the other hand, several recent economic indicators suggest that China's economic recovery is slow, negatively impacting WTI prices. China's crude oil imports fell by 9% YoY in November due to high inventory levels, less favorable economic data, and reduced orders from independent refiners, which lowered demand.
 
The decline in WTI oil prices is influenced by global economic slowdown and recession fears. The IMF projects global growth of 3.0% in 2023 and 2.7% in 2024, lower than its previous estimate of 3.0% in July.
 
Oil traders will pay attention to the U.S. Nonfarm Payrolls report on Friday, along with the unemployment rate and average hourly earnings data for December released today. This data could potentially influence WTI prices in USD, and traders will look for trading opportunities based on this information.
 
 
Warning!
 
The "WTI Oil" analysis is based on fundamental and technical insights from trusted sources and is not intended as advice or solicitation. Always remember that this content aims to enrich readers' information. Always conduct independent research regarding other forex information to guide your trading decisions.
 
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