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Oil: WTI plummets 5% on black day for markets

  • Sharp drop in equity markets in the face of negative growth expectations.
  • Commodities fall and the dollar shoots up.
  • Oil loses 5%.

Oil prices are falling significantly on Tuesday, in the midst of a day of market panic, which is driving the dollar to the highest in years.

The barrel of WTI (trading platforms) is below $101.00, whereas hours ago it was close to $110.00, a retracement from the peak of almost 10%. The declines come in the face of worsening global growth expectations and a drop in stock markets around the world.

The price of WTI is at its lowest in almost two months. The negative tone persists. The next strong support below $100.00 is around $93.50.

Wall Street’s main indices fall almost 2% while the dollar soars. DXY is at a two-decade high, while EUR/USD is at a 2002 low. The dollar’s strength is also playing against oil prices.

Technical levels

WTI US OIL

Overview
Today last price 102.43
Today Daily Change -6.23
Today Daily Change % -5.73
Today daily open 108.66
trends
Daily SMA20 111.37
Daily SMA50 109.74
Daily SMA100 105.62
Daily SMA200 92.28
levels
Previous Daily High 109.04
Previous Daily Low 105.61
Previous Weekly High 112.73
Previous Weekly Low 103.12
Previous Monthly High 121.36
Previous Monthly Low 101.17
Daily Fibonacci 38.2% 107.73
Daily Fibonacci 61.8% 106.92
Daily Pivot Point S1 106.5
Daily Pivot Point S2 104.34
Daily Pivot Point S3 103.07
Daily Pivot Point R1 109.93
Daily Pivot Point R2 111.2
Daily Pivot Point R3 113.36

Source: Fx Street

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