WTI futures' attempted recovery from daily lows of $88.40 has failed to break above $90 on concerns that a global economic downturn could reduce demand for oil.Crude prices fell on Tuesday for the second day in a row.Investors are increasingly concerned about the possible impact of a global recession combined with the strong monetary tightening cycle undertaken by most major central banks.In addition, news of a sharp rise in COVID-19 cases in China's major cities, following the Golden Week holidays, has raised fears of a drop in oil demand.Local authorities have reportedly closed schools and tourist attractions, reviving memories of closure.The sour mood of investors has offset the upward impact caused by the production cuts announced by OPEC+ last week.The club of the world's biggest oil suppliers has agreed to cut oil production by 2 million barrels a day, the biggest cut since the outbreak of the COVID-19 pandemic, which sent crude prices skyrocketing.From a technical point of view, WTI has broken out of the short-term uptrend channel from the 22nd September low, to find support at $88.40, with next downside targets at $86.50 (mid-September highs) and $85.55 ( minimum of October 5).To the upside, crude oil prices should reclaim the psychological $90.00 level to gain upward momentum and head towards the 50-hour SMA at $91.50 before $93.00 (intraday high).The EUR/USD pair remains stable around 0.9700, with the market's attention focused on what will be the FOMC minutes, which are expected to shed some light on the latest Fed monetary policy decision and also future ones. decisions.On Thursday the key retail inflation figure for September will be released.GBP/USD makes a nice rebound from the 1.0925 area, or a nearly two-week high set earlier this Wednesday, and breaks a five-day losing streak.Nevertheless...The USD/JPY pair rises during the opening of the North American session on Wednesday and reaches a new high of 24 years, around the 146.85 area in the last hour.A combination of factors continues to weigh on the...Gold attracts fresh buying near the $1,660 support zone on Wednesday and breaks a five-day losing streak, recovering from one-week lows.Shiba Inu have been on a downward trend since August 14 and show no signs of stopping.Investors can expect a reversal after retesting the FVG, which ranges from $0.0000083 to $0.000093.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.