WTI Crude Oil Settles at $90.52 as Buyers Defend Key Support

The WTI crude oil price settled at $90.52 a barrel on Thursday, up $2.40 or 2.72% from Wednesday's $88.12 settlement, according to investingLive. The rebound followed a drop of more than 8% the previous day, and buyers stepped in at a chart area that traders watch closely.

Key points

• U.S. crude futures settled at $90.52 on Thursday, compared with $88.12 on Wednesday.
• Wednesday's selloff followed U.S. midterm results that raised hopes of tighter congressional pressure on the Trump administration to end the war with Iran.
• At least five vessels reported incidents in the Gulf since Sunday, according to UK Maritime Trade Operations, as cited by Reuters.
• Wednesday's U.S. inventory report showed draws in crude, gasoline and distillates for the week ended October 30.
• The next technical test sits at $91.56, and the futures settlement finished $1.04 below that level.

What happened to the WTI crude oil price

On Wednesday, Senate Democratic leader Chuck Schumer said Democrats would seek to end the war, pointing to Congress's control over spending. Investors read the comments as a sign that political pressure for de-escalation could grow, and oil fell sharply as some geopolitical risk premium came out of prices.

By Thursday, the mood had shifted. According to investingLive, citing Reuters, at least five vessels had reported incidents in the Gulf since Sunday, citing UK Maritime Trade Operations. Traders responded by putting some of that risk premium back into crude. Iran's foreign minister also spoke with his Saudi and Qatari counterparts about diplomatic efforts, but the shipping reports took more attention on the day.

The U.S. inventory data offered additional support. The report showed draws in crude, gasoline and distillates for the week ended October 30, which tends to tighten the near-term supply picture and gave the market a fundamental reason to hold its footing heading into the session.

On the chart, Wednesday's selloff reached $86.65, close to the 200-day moving average at that time. The 100-day moving average sat between that low and the 50% midpoint of the rally from the July low, which was at $86.93. According to the same analysis, that zone gave buyers a clearly defined area to lean against, and they did.

Why it matters for traders

Crude oil is one of the most closely watched commodities in global markets, and its moves often spill into currencies, inflation expectations and risk sentiment. A swing of more than 8% in one session, followed by a strong rebound, shows how quickly headlines about the Iran war and shipping routes can reprice the market.

For FX traders, oil matters most for commodity-linked currencies. Crude prices can influence the Canadian dollar, for example, because Canada is a major oil exporter. Movements in the WTI crude oil price therefore often show up in cross-market positioning, even when the trigger is political rather than economic.

Market reaction and key data

The table below summarizes the price levels mentioned in the investingLive report. All oil levels are taken from that source and refer to WTI futures settlements or technical reference points on the chart.

For context on currencies, the ECB daily reference rate for USD/CAD was 1.3966 on 2026-11-05. This is a daily reference rate, not a live quote, and it is listed here only to show where the Canadian dollar stood against the U.S. dollar on that day.

What to watch next

Attention now turns to whether the WTI crude oil price can move above $91.56 and hold it on a pullback. According to investingLive, a sustained move above that level would give buyers more room to retrace Wednesday's selloff, while a stall there would give sellers a level to defend.

On the downside, a break back below $86.65–$86.93 would put the 61.8% retracement at $82.30 in play. Traders will also track Gulf shipping reports and any diplomatic developments involving Iran.

Several high-impact events are scheduled for Friday, November 6. At 13:30 UTC, U.S. Non-Farm Employment Change is forecast at 65K, against a previous 29K, and U.S. Unemployment Rate is forecast at 4.2%, unchanged from the previous reading. U.S. Average Hourly Earnings m/m is forecast at 0.3%, against a previous 0.1%. Canada's Employment Change is forecast at 14.6K, against a previous -68.3K, and Canada's Unemployment Rate is forecast at 6.5%, unchanged. At 16:00 UTC, BOJ Governor Ueda is scheduled to speak.

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FAQ

What drove the WTI crude oil price higher on Thursday?

According to investingLive, the rebound came as traders weighed renewed risks to Gulf oil shipments after reports of at least five vessel incidents since Sunday. Draws in U.S. crude, gasoline and distillate inventories also offered some support.

Why did oil fall more than 8% on Wednesday?

The drop followed U.S. midterm results that raised hopes a Democratic-controlled Congress would push to end the war with Iran. Senate Democratic leader Chuck Schumer said Democrats would seek to end the war, which reduced the risk premium in prices.

What level is the WTI crude oil price testing next?

According to investingLive, the next key test is $91.56, the broken 38.2% retracement of the rally from the July low. The futures settlement finished $1.04 below that level on Thursday.