- Oil prices extend fall in advance of the opening of Wall Street.
- WTI is down more than 4% and is trading at a one-week low.
Oil prices extended their declines in the last hour. On the platforms,l WTI fell to $106.03, the lowest since March 21, before bouncing to $107.00. On Friday the price had closed just below $112.00.
Concerns about quarantine announcements in China they are weighing on oil prices on Monday, but not on stock prices. futures of wall street point to a positive opening with gains around 0.25%.
In the short term, the market may continue to move between the repercussions of the Russian invasion of Ukrainethe estimates of the impact of the monetary adjustment and what happens in China with the advancement of COVID. This week there will be more negotiations between Russia and Ukraine in Turkey.
High volatility remains the norm when it comes to oil prices and it is expected to continue in this way, with several sources that contribute to said scenario.
On Monday, no impact economic reports stand out. For the week, the key will be the US labor market figures. On Tuesday, API will publish the weekly report on crude oil inventories. Reports indicate that the Biden administration could release more oil from its strategic reserves.
Technical levels
Source: Fx Street
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