Oil: WTI continues to fall and reaches lows in a week

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  • Oil prices continue to find no support in the short term.
  • WTI is nearing August lows.

The oil prices they continue to pull back from one-month highs and trade at weekly lows. The barrel of WTI (trading platforms) went from trading above $97.00 on Tuesday to touching $86.89, the lowest since August 22 on Thursday. In the last hour there was a rebound, pushing WTI above $88.00, although without erasing the day’s losses.

The drops in the price of Petroleum behind them is an economic outlook marked by fears of a global recession. This generated an increase in forecasts of oil market surpluses.

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In China COVID quarantines returned, in the city of Chengdu of 21 million inhabitants. This contributed to the poor outlook for economic activity and therefore for oil prices. +

The price of a barrel of WTI continues to approach the floor of August, which is below $86.00 and if it were to give way, it would lead to levels not seen since January of this year. The downward trend was reaffirmed after that rebound that began in mid-August lost all ground, gaining in just three days.

Technical levels

WTI US OIL

Panorama
Last Price Today 88.03
Today’s Daily Change -0.60
Today’s Daily Change % -0.68
Today’s Daily Opening 88.63
Trends
20 Daily SMA 90.76
50 Daily SMA 95.86
100 Daily SMA 102.48
200 Daily SMA 95.21
levels
Previous Daily High 92.53
Previous Daily Minimum 88.1
Previous Maximum Weekly 95.61
Previous Weekly Minimum 86.26
Monthly Prior Maximum 97.68
Previous Monthly Minimum 85.39
Daily Fibonacci 38.2% 89.79
Daily Fibonacci 61.8% 90.84
Daily Pivot Point S1 86.97
Daily Pivot Point S2 85.32
Daily Pivot Point S3 82.54
Daily Pivot Point R1 91.4
Daily Pivot Point R2 94.18
Daily Pivot Point R3 95.83
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Source: Fx Street

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