Oil: WTI loses more than 3% in a black day for the markets

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  • Strong decline in the markets puts downward pressure on oil.
  • Rise of the dollar also plays against crude oil.
  • The fall is widespread in raw materials.

The pessimism among investors in the expectation of a global recession is pulling down the markets and also oil prices. The barrel of WTI falls more than 3%.

The WTI barrel price (trading platforms) is at $80.60, the lowest level since January 2022. As such, it is losing support around $82.00, enabling more weakness ahead. The price is on track for the fourth weekly drop in a row.

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Comments about cuts in oil production and the increase in geopolitical tensions are not stopping the decline in prices. Pessimism about economic activity for the immediate future is stronger. Europe’s PMI data disappointed adding to the gloom.

Added to the expectation of lower demand is the rally in the dollar throughout the market on Friday and the sharp drop in the equity markets. Wall Street futures fall more than 1%.

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Reds in the markets are widespread and also include metals. The Prayed loses 1.60% and silver 2.88%. The copper back 3.75%.

Technical levels

WTI US OIL

Panorama
Last Price Today 80.85
Today’s Daily Change -2.55
Today’s Daily Change % -3.06
Today’s Daily Opening 83.4
Trends
20 Daily SMA 86.84
50 Daily SMA 90.49
100 Daily SMA 99.58
200 Daily SMA 96.42
levels
Previous Daily High 85.86
Previous Daily Minimum 82.3
Previous Maximum Weekly 89.65
Previous Weekly Minimum 83.83
Monthly Prior Maximum 97.68
Previous Monthly Minimum 85.39
Daily Fibonacci 38.2% 84.5
Daily Fibonacci 61.8% 83.66
Daily Pivot Point S1 81.85
Daily Pivot Point S2 80.3
Daily Pivot Point S3 78.29
Daily Pivot Point R1 85.41
Daily Pivot Point R2 87.41
Daily Pivot Point R3 88.96

Source: Fx Street

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