“The post-Fed fallout and deteriorating global outlook is going to keep the oil market volatile, said Ed Moya, senior market analyst at Oanda. “The $82 level has been strong support for WTI crude this month, but that may get tested if global recession fears intensify.”
Thin liquidity has exacerbated price swings for oil, leading to wild volatility at times. Crude remains on track for its first quarterly decline in more than two years on concerns that demand may be crimped by an economic slowdown, but for most of September prices have been largely rangebound. Data this week showed that signs of economic slowdown are mounting, as US gasoline and diesel demand fell to the lowest seasonal levels in more than a decade. The Energy Information Administration also reported nationwide US crude stockpiles and those at the key storage hub at Cushing, Oklahoma, expanded last week.Brent for November settlement gained 59 cents to $90.42 a barrel.
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