What awaits crude oil investors?

What awaits crude oil investors?

What awaits crude oil investors?

WTI crude futures slipped below 72 USD per barrel on Friday as traders reassessed the demand outlook amid rising Covid cases globally, while prospects of higher interest rates also weighed on sentiment. Daily Covid-19 cases in the UK jumped to a record and continued to rise across Asia, while hospitalizations surged in the US. The International Energy Agency warned that a surge in Covid cases would dent global oil demand at a time when supply is set to increase, especially in the US. A global tightening cycle is also underway, with the Fed signaling three rate hikes next year and the BoE surprising the markets by raising rates for the first time since the pandemic began. Meanwhile, the demand picture appeared robust after official EIA data showed US crude inventories fell by 4.6 million barrels last week, much more than market expectations for a 2.1 million barrel decrease.

 

Technical Anlysis:

WTI crude futures slipped below 72 USD per barrel on Friday as traders reassessed the demand outlook amid rising Covid cases globally, while prospects of higher interest rates also weighed on sentiment. First support on a decline will be 70.77 USD and first resistance to be tested is 73.57 USD.

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16 December 2021 14:29

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