- Crude oil prices fall on nervousness in markets and inventories.
- The stock indices fall sharply due to the fears of the banks.
- WTI is headed for the lowest close since December 2021.
crude oil prices they fall sharply again on Wednesday, while the markets continue to be shaken by the concerns of banks and industries. Adding to the downside, the latest weekly reports from the EIA showed US inventories rising last week.
WTI in free fall
As of this writing, WTI is trading at $67.40, the lowest level since December 2021, down 5.45% on the day. Since the beginning of the week, it has lost 11.5%.
Risk aversion is driving commodities and shares sharply lower on Wednesday. Concern for the health of Crédito Suisse spread fear throughout the financial markets.
Adding weight to Crude Oil prices, the Energy Information Administration (EIA) reported that crude inventories rose by 1.55 million barrels last week, above expectations. It was the 11th increase in inventories in the last 12 weeks.
Technical factors contribute to the sharp decline in WTI. The price broke below the critical support of $73.00 on Tuesday and dipped below the December 2022 lows on Wednesday and also broke above $70.00. The chart shows clearly oversold readings but, for now, there are no signs of an immediate pause. The next strong level is around $66.00/$20.
WTI technical levels
WTI US OIL
|Last price today||68.09|
|Today Daily Variation||-3.56|
|today’s daily variation||-4.97|
|today’s daily opening||71.65|
|previous daily high||75.01|
|previous daily low||70.93|
|Previous Weekly High||80.99|
|previous weekly low||74.89|
|Previous Monthly High||80.75|
|Previous monthly minimum||72.5|
|Fibonacci daily 38.2||72.49|
|Fibonacci 61.8% daily||73.45|
|Daily Pivot Point S1||70.05|
|Daily Pivot Point S2||68.45|
|Daily Pivot Point S3||65.97|
|Daily Pivot Point R1||74.13|
|Daily Pivot Point R2||76.61|
|Daily Pivot Point R3||78.21|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.