WTI Oil Analysis – FOMC Vs Geopolitics

<p>&nbsp;WTI oil prices are seen to have fallen for the first time this week since early September 2023 after the FOMC meeting. Interest rate maintenance measures are seen to have given risks to the asset market.</p><p><br /></p><p>"West Texas Intermediate (WTI) crude oil" is seen to have traded around $90 per barrel today. Based on the technical survey, the indicator shows that oil prices are currently at an "overbought" status. This will cause a slight adjustment or temporary decline especially during the Asian and European sessions.</p><p><br /></p><p>Meanwhile, on Thursday of this week, Russia has announced the temporary suspension of crude oil export activities and this has caused oil prices in yesterday's trading activity to rise from $90 to $95 per barrel. In addition, the release of "US crude inventories" data last Wednesday recorded a fall while warning of a shortage of crude oil stocks that could contribute to a continued increase in oil prices.</p><p><br /></p><p><br /></p><p><br /></p><p>Geopolitical pressure</p><p><br /></p><p>In the middle of the third quarter of this year "Q3'2023", Saudi Arabia and Russia have decided to "limit" limited oil production until the end of this year. The sentiment of oil demand is seen to improve as "China refiners" try to increase oil production driven by high demand. Because of this, analysts expect the increase in oil prices to continue to rise until at least $100 per barrel.</p><p><br /></p><p>Furthermore, Russia's action on Thursday that stopped oil export activities,&nbsp; expects it to continue for several weeks until mid-October 2023.</p>