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WTI crude oil has another look at the 200-day moving average

The chart of WTI crude oil pretty much speaks for itself. Baker Hughes reported that US drillers cut rigs by 7 this week and with the inventory of drilled but uncompleted wells nearly zeroed out, there aren't many taps to turn on.The message from the oil market is simply that $77 doesn't incentivize spending like it used to. Because of inflation and demands for shareholder returns, the threshold for spending is higher. What also worries investors is that OPEC+ could return at any moment and swam... Read More

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Content Topics

Crude

Another

Look

200 Day

Moving

Average

200 day

Forex

Posted: Jul 21 2023, 17:14

Author Name: forexlive

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