Crude oil is seeing negative pressure - find out what is causing it here:
market experienced further declines during Tuesday's trading session, erasing the entire gap that formed after OPEC's announcement of a significant 1 million barrel production cut. Currently, the market has broken below the bottom of that gap and appears to be targeting the $67.50 level. This level has previously acted as strong support, and if it fails to hold, there is potential for a further decline towards the $65 level.
However, if the market manages to break above the high of Tuesday's candlestick, it could signal a move towards the $75 level. This level holds psychological significance as a major round number and could pave the way for an advance towards the 200-Day ExponentialThe Brent Crude Oil market has also experienced a significant decline, falling well below the gap that formed after the weekend announcement.
Even if the market enters a sideways consolidation phase, it would reflect the prevailing negativity. Under normal circumstances, reduced oil supply in the system should drive prices higher. However, the lackluster results in the face of production cuts indicate the severity of the situation. Should the market manage to break above the $80 level, it could potentially target the 200-Day EMA.
However, it is important to note that the $70 level is anticipated to provide substantial support, potentially acting as a strong floor for the market. At the end of the day, both the WTI Crude Oil and Brent markets witnessed significant declines, with Brent falling well below the gap formed after the production cut announcement. The concerns surrounding the global economy's potential slowdown or worse have had a significant impact on crude oil prices. A break below key support levels could lead to further declines, while a break above important resistance levels may signal potential recoveries.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Crude Oil Futures: Extra recovery in the pipelineOpen interest in crude oil futures markets rose for the fifth consecutive session at the beginning of the week, this time by more than 11K contracts.
Leer más »
WTI pares intraday losses above $71.00 amid economic jitters, EIA Crude Oil Stocks Change eyedWTI pares intraday losses above $71.00 amid economic jitters, EIA Crude Oil Stocks Change eyed – by anilpanchal7 Oil WTI OPEC EconomicHealth Energy
Leer más »
Crude Oil Futures: Further retracement not ruled outCME Group’s flash data for crude oil futures markets noted traders added nearly 15K contracts to their open interest positions on Tuesday, extending t
Leer más »
USD/JPY Forecast: Continues to See Upward Pressure Long TermTraders should remain cognizant of the pair\u0027s inherent choppiness and exercise proper position sizing.
Leer más »
Morning Bid: Jobs glow, crude pops, dollar liftsA look at the day ahead in U.S. and global markets from Mike Dolan
Leer más »
Gold Forecast: Uncertainty in the Gold MarketThe gold futures market began with an initial attempt to break above the $2000 mark, only to reverse direction and demonstrate negative tendencies.
Leer más »