WTI crude prices slipped

WTI crude prices slipped

WTI crude prices slipped

WTI crude prices slipped 

WTI crude prices slipped further toward $93 per barrel on Tuesday after tumbling almost 5% in the previous session, as weak manufacturing data in major economies highlighted the darkening global economic outlook. On the supply side, markets await the outcome of an OPEC+ meeting on Wednesday where it is likely to stick to its policy of modest supply increases, keeping the global supply tight. First support on a decline will be $90.44 and first resistance to be tested is $97.88 Level.

WTI crude prices slipped further toward $93 per barrel on Tuesday after tumbling almost 5% in the previous session, as weak manufacturing data in major economies highlighted the darkening global economic outlook. The J.P.Morgan Global Manufacturing PMI softened in July, weighed down by declining output and new orders in developed markets such as the US, the euro area, Japan and the UK, while emerging markets saw mixed results. Fears that a global slowdown will hurt demand have gripped commodity markets in the past two months, with oil prices down more than 20% from the June high. On the supply side, markets await the outcome of an OPEC+ meeting on Wednesday where it is likely to stick to its policy of modest supply increases, keeping the global supply tight. Meanwhile, a Fox News reporter tweeted late on Monday that Saudi will push OPEC+ to increase oil production at the meeting, as assured by Saudi King Salman bin Abdulaziz to US President Joe Biden when they met on July 16.

USOIL - WTI

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