- IMF: Expectation of lower growth for 2022.
- WTI falls to two-day lows, extends correction from three-week highs.
The oil prices accelerated down in the American session, prolonging the correction from highs in weeks. The barrel of WTI (platforms) went from $108.00 to mark two-day lows below $103.00.
The WTI It remains in the minimum zone, under pressure. One of the possible drivers of the drop was the cut in the growth figures of the International Monetary Fund for this year. The IMF released its growth estimates and revised the 2022 figures down to 3.6%, affected by Russia’s invasion of Ukraine.
On the day the price falls more than 4%, and went into negative territory for the week, although for the month it is still positive.
The drop comes despite the expectation of a lifting of restrictions in China and despite the disruptions in the supply of oil from Libya.
Technical levels
Source: Fx Street
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