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WTI takes a dive despite Israel-Gaza tensions, as Saudi Arabia vows market stability

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West Texas Intermediate (WTI), the US crude Oil benchmark, tumbled more than 1.80% on Wednesday, as Saudi Arabia pledged to stabilize the market amid

WTI crude drops to $85.97, despite earlier surge amidst Israel-Hamas conflict concerns. Saudi Arabia’s commitment to market stability and potential intervention tempers price spikes. Global inflation data and production choices from Russia and the US add layers to price influences. fears the conflict in the Middle East would disrupt supplies. Therefore, WTI is trading at $85.97, after hitting a daily high of $88.20 per barrel.

Data-wise, the US economic calendar featured the Producer Price Index for September, with data slightly higher than expected, suggesting another rate hike looms, but Thursday’s data on the consumer side, could refrain policymakers to increase rates. WTI Price Analysis: Technical outlook After rallying sharply toward a multi-month high of $95.91 per barrel, WTI has retraced somewhat below the 20 and 50-day moving averages , each at $90.86 and $88.

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Russia, Saudi Arabia to discuss oil market, prices amid Israel-Hamas warSaudi Arabia and Russia, the world's top two oil exporters, will discuss the situation on the oil market and oil prices on Wednesday amid the escalating conflict between Israel and Hamas, President Vladimir Putin's top oil official said.
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