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Oil nears the lowest since October 3

Oil nears the lowest since October 3

WTI crude oil has extended today's decline to $3 as stops are run. The $82.00 level is holding so far but if it cracks, that would be lowest since October 3 and could spark a further run on stops.

That was two days before the OPEC meeting where a surprise two million per day barrel decrease in quotas was announced.

The latest catalyst for oil declines appears to be worries about Chinese demand and a global recession. Technically, the double top on the chart is also likely to be w... Read More

Posted: Nov 17 2022, 16:29
Author Name: forexlive
Views: 110738

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