- Oil prices fall on Friday, although they move away from the minimums.
- Recovery from lows in months loses strength.
- WTI on the way to the fourth consecutive month with declines.
Oil prices are falling modestly on Friday, at the close of the quarter and the month. The barrel of WTI (trading platforms) fell as low as $78.68, a two-day low before bouncing back towards $80.00.
Prices are still far from recent lows, but the rebound is losing steam and the very short-term bias points to the downside. A break of current week’s highs could lead to an acceleration to the upside.
Russian President Vladimir Putin declared four regions of Ukraine annexed and blamed the United States for the attack on the Nord Stream network. The geopolitical tensions They are climbing, which can be a support against falls in the price.
Hours ago, the price did not register significant variations after knowing speculations that the Organization of the Petroleum Exporting Countries and its allies they plan a cut in production between 500,000 to one million barrels.
Stocks on Wall Street are trading with mixed results. The Dow Jones falls 0.35% while the Nasdaq advances 0.09%. Metals are moving in the opposite direction as both gold and silver are posting gains and approaching daily highs with XAU/USD just under $1670, and XAG/USD at $19.05.
Technical levels
Source: Fx Street
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