Crude oil bears WTI They have attacked $ 68.00, falling 3.20% intraday in the first part of Monday. Black gold has fallen to the lowest level in two weeks on concerns about oil demand amid risk aversion fueled by the virus.
Covid problems are intensifying in the West, challenging the pre-Christmas mood, as well as travel plans and energy demand hopes related to it. The New York Times reported Sunday that Dr. Anthony S. Fauci, the nation’s leading infectious disease expert, warned that the extraordinarily contagious Omicron variant of the coronavirus was sweeping the world, likely to cause another major increase in infections. United States, especially among the unvaccinated. “
Given the absence of major data / events, crude oil traders will need to pay attention to risk catalysts for fresh momentum.
Technical analysis
Failures to bounce off a weekly support line drive WTI crude prices towards the horizontal monthly support near $ 65.50. However, the RSI oversold conditions in the four-hour game challenge the bears. Even so, recovery moves remain elusive below the 50 DMA level at $ 71.15.
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