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WTI Crude Oil Technical Analysis

On the daily chart below for WTI crude oil, we can see that after the surprise OPEC+ cut and a mini rally to the top of the range at $83, the market saw an incredibly fast selloff. The bullish case is the tight supply and underinvestment, but the demand side of the equation is definitely leading, and it’s connected to a deteriorating global economy. The global central banks tightening amid high inflation is dampening demand and it’s aimed precisely at that. The recent weaker US labour market dat... Read More

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Content Topics

Crude

Technical

Analysis

Forex

Posted: May 4 2023, 10:47

Author Name: forexlive

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