- 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
Source: Fx Street
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