- 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.
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
Source: Fx Street
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