{"id":3157,"date":"2023-06-01T07:10:10","date_gmt":"2023-06-01T07:10:10","guid":{"rendered":"https:\/\/blog.trive.com\/?p=3157"},"modified":"2023-06-01T07:10:12","modified_gmt":"2023-06-01T07:10:12","slug":"wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data","status":"publish","type":"post","link":"https:\/\/blog.trive.com\/de\/handel\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/","title":{"rendered":"WTI Crude Oil Futures Pressured Lower By Weak Chinese Economic Data"},"content":{"rendered":"<p>WTI Crude Oil Futures (NYMEX: CL) let loose a staggering 5.85% week-to-date as traders promptly sold off following weakness in China\u2019s manufacturing and services PMI data. China\u2019s post-lockdown economic recovery is seemingly contracting, giving rise to fears that crude oil demand could be subdued, especially considering China is the biggest importer of it.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Further weighing on the WTI Crude Oil Futures was a sharp surge in crude oil inventories as measured by the American Petroleum Institute (API). Crude oil inventory surged to 5.202M against the consensus of a 1.22M decline. The growth in crude oil inventories week-on-week supports the narrative of weakening demand and has left the WTI Crude Oil Futures exposed to downside potential.&nbsp;<\/p>\n\n\n\n<p>Following the release of critical Chinese manufacturing and services data, traders will turn to the U.S., which will release heavyweight manufacturing and labour market data, including PMIs and Non-Farm Payrolls. If the U.S. economy points to weakness, further rate hikes could be priced out, exposing the WTI Crude Oil Futures to upside potential.&nbsp;<\/p>\n\n\n\n<p><strong>Technische Analyse<\/strong>&nbsp;<\/p>\n\n\n\n<p>The WTI Crude Oil Futures price action has been subdued below its 100-day moving average to extend the downtrend formation. Support and resistance were established at the $63.65 and $74.02 per barrel (BLL) levels, respectively. Following a rejection of resistance and a high volume breakout below the ascending triangle pattern, price action underwent bearish pressure, taking it lower toward support.&nbsp;<\/p>\n\n\n\n<p>If bears persist in selling on weaker week-on-week demand, support at the $63.65 BLL level could materialise, given that bearish volumes substantiate. Alternatively, if bearish volumes taper off, a reversal could come into play, with bullish traders potentially looking to the $74.02 BLL level as a point of interest.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"490\" src=\"https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image-1024x490.png\" alt=\"\" class=\"wp-image-3158\" srcset=\"https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image-1024x490.png 1024w, https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image-300x144.png 300w, https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image-768x368.png 768w, https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image-1536x735.png 1536w, https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image-18x9.png 18w, https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/06\/image.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Zusammenfassung<\/strong>&nbsp;<\/p>\n\n\n\n<p>Saudi Arabia\u2019s Energy Minister recently warned crude oil traders that they could be hurt if they shorted blindly, signalling that there could be further output cuts by OPEC+. Traders will watch the June 4 OPEC monthly report to determine if an output cut will materialise. If so, the WTI Crude Oil Futures could be supported above the $63.65 BLL mark.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Quellen: American Petroleum Institute (API), Reuters, TradingView&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>WTI Crude Oil Futures (NYMEX: CL) let loose a staggering 5.85% week-to-date as traders promptly sold off following weakness in China\u2019s manufacturing and services PMI data. China\u2019s post-lockdown economic recovery is seemingly contracting, giving rise to fears that crude oil demand could be subdued, especially considering China is the biggest importer of it.&nbsp;&nbsp; Further weighing [&hellip;]<\/p>","protected":false},"author":6,"featured_media":2752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WTI Crude Oil Futures Pressured Lower By Weak Chinese Economic Data - Trive Blog<\/title>\n<meta name=\"description\" content=\"WTI Crude Oil Futures let loose a staggering 5.85% week-to-date as traders promptly sold off following weakness in China\u2019s manufacturing and services PMI data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.trive.com\/de\/handel\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WTI Crude Oil Futures Pressured Lower By Weak Chinese Economic Data\" \/>\n<meta property=\"og:description\" content=\"WTI Crude Oil Futures let loose a staggering 5.85% week-to-date as traders promptly sold off following weakness in China\u2019s manufacturing and services PMI data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/blog.trive.com\/de\/handel\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Trive Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-01T07:10:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-01T07:10:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/05\/THUMB-WTI.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"WTI Crude Oil Futures Pressured Lower By Weak Chinese Economic Data\" \/>\n<meta name=\"twitter:description\" content=\"WTI Crude Oil Futures let loose a staggering 5.85% week-to-date as traders promptly sold off following weakness in China\u2019s manufacturing and services PMI data.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/blog.trive.com\/wp-content\/uploads\/2023\/05\/THUMB-WTI.png\" \/>\n<meta name=\"twitter:label1\" content=\"Verfasst von\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Gesch\u00e4tzte Lesezeit\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 Minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blog.trive.com\/trading\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blog.trive.com\/trading\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"WTI Crude Oil Futures Pressured Lower By Weak Chinese Economic Data\",\"datePublished\":\"2023-06-01T07:10:10+00:00\",\"dateModified\":\"2023-06-01T07:10:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/blog.trive.com\/trading\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/\"},\"wordCount\":367,\"publisher\":{\"@id\":\"https:\/\/blog.trive.com\/#organization\"},\"articleSection\":[\"Trading\"],\"inLanguage\":\"de-DE\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blog.trive.com\/trading\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/\",\"url\":\"https:\/\/blog.trive.com\/trading\/wti-crude-oil-futures-pressured-lower-by-weak-chinese-economic-data\/\",\"name\":\"WTI Crude Oil Futures Pressured Lower By Weak Chinese Economic Data - 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