Andrés Ordóñez FOREXSTREET SL Follow FollowingYesterday's UK GDP data and US PPI data were not as expected creating the prospect of a slowing global economy.* The minutes of the FED showing the decision of the bankers to raise interest rates until a clear reduction in inflation is seen.* The core and monthly CPI are expected to be higher than the last release, while the annual analysts forecast a decline in the data.* The reduction proposed last week by members of OPEC + as a strategy to balance prices above $90, although they suggest a lack of supply, create a new scenario of conflict with the US and to a certain extent an advantage for Putin and his war with ukraine, in fact it is possible that the OPEC + decision carries with it more a geopolitical logic, than a strategic one in relation to oil production;however, the day after the words of the president of the white house, Saudi Arabia came out communicating "its total rejection of him" assuring that his decision on the cuts was unanimous and considering only economic implications.* On the other hand, OPEC sharply cut projections of global demand and the amount of crude it will need for this quarter, in the words of members of the organization in its report cites:“Global economic growth has entered a period of significant uncertainty and deteriorating macroeconomic conditions, amid intensifying challenges, including high levels of inflation, tighter monetary policies by major central banks, rising interest rates and persistent supply chain issues”The decrease in demand in the future for November has remained slightly stable, decreasing from the maximum very little, as well as the volatility, in the graph it can be seen in the green valley in the lower part that represents the accumulated delta in the graph of h1, where the strength of demand still holds.With a filter in the statistics of the middle of the electoral period in the US, October is the last month of rise for oil in the year, with November being the month of strongest falls for said market.It is complex to talk about falls in oil under all the fundamentals explained above, however, if the macroeconomic data do not improve, it is a scenario that cannot be ignored.The 4h chart of the WTI price suggests a flawless bullish structure after last week's bullish momentum that took the price to 93.63 the price has corrected to the 86-89 volume zone, the correction is breaking the trend logic bullish that carries the price, therefore, the scenarios could be:Let's see the rise looking for the maximum formed this week above $92 that the price makes a failure in the level or a triple top and goes back againLet's go higher looking for the weekly average volume to 89.50.Let's close the week lateralizing in the area of ​​$85.92 to $95.50I'm not going to consider a bullish scenario above this week's highs for the rest of it.The fundamentals show a lot of uncertainty for oil, which could manage to fulfill the seasonal scenario for the coming days and weeks.Although the CPI data in the US is quite positive and there is a rebound, the economic slowdown can strongly affect prices, for now my outlook is bearish in the short term, but you have to keep constantly reviewing the fundamentals for any change that is Present.Well, there is no clear trend, especially for the fundamental aspects.If the CPI data is not good enough, the most likely scenario is a stagflation, that is, a slowdown with high inflation, which would be the fuel to drive the price of oil down.© 2013 "FXstreet.com. The Forex Market" All Rights Reserved.All our efforts are intended to provide accurate and complete information.Still, with the hundreds of documents available, often published on short notice, we cannot guarantee that they are error-free.Any publication or redistribution of FXstreet.com content is absolutely prohibited without the prior written consent of FXstreet.com.The pair fell to 0.9630, a new weekly low, from where it rebounded to 0.9805, its highest since last Friday.The pair maintains the gains near the mentioned high at the end of the American session.The markets...GBP/USD gains strong positive traction for the second day in a row.The pair reaches a one-week high, although it falters near 1.1300 after the publication of the inflation figures.USD/JPY is paring gains below the 147.00 figure after posting fresh 24-year highs courtesy of US inflation data, causing yields to jump...The US CPI for September rose to 0.4%, above the market consensus of a 0.2% advance and higher than the 0.1% increase in August.The annual rate went from 8.3% to 8.2%, worsening the estimated 8.1%.This move will cause equities to crash again, yields to hit highs not seen since 2008 and the dollar to advance.Note: All information on this page is subject to change.Use of this website constitutes acceptance of our user agreement.Please read our privacy policy and legal note.Trading in the foreign exchange market carries a high level of risk and may not be suitable for all investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite.There is a possibility that you may face the loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.You should be aware of all the risks associated with foreign exchange trading and seek the support of an independent financial adviser if you have any concerns.The views expressed on FXStreet are those of the authors writing the articles and do not necessarily represent the views of FXStreet or its management.FXStreet has not verified the accuracy or factual basis of any claim or statement made by any independent author: errors and omissions may occur.Any opinion, news, report, analysis, quote and other information contained on this website, by FXStreet, its employees, clients or collaborators, are of a general market commentary nature and do not constitute investment advice.FXStreet will not accept liability for any loss or damage, without limitation any loss of profits that may arise directly or indirectly from the use of or reliance on such information.