WTI Crude oil futures ended the previous week 1.4% lower and closed at $90.77 per bbl, amid increasing concerns of a global economic slowdown. Recession fears continue to exert pressure on energy markets, with Fed minutes signalling a strong commitment to bringing down inflation to the 2% target range. On top of that, concerning industrial production figures and further Covid lockdowns in China added to the outlook of a decline in energy demand.
Crude Oil Futures Price
WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips)
WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips) – crude oil prices entered a brief consolidation after hitting a key chart resistance level at US$ 46.30.
Crude Oil Futures Tumbled Today as Global Growth Worries Weighed on the Market
These data pointers pulled the WTI Crude under $56 per barrel and the counter currently trades at $55.92 per barrel, down more than 1% on the day. Markets also preferred to book profits ahead of the US EIA weekly inventories data.
Crude Oil Futures Settle at $68.96 – Gold Silver Reports
Gold Silver Reports (GSR) – Yesterday, the price closed below that level. Today, the price moved to a new low going back to June 22, but the break could not be sustained. The day is ending back above that key MA level. Buyers/bulls are hanging in there.