- WTI adds Friday to Thursday’s losses.
- Weekly earnings appear capped near $72.00 per barrel.
- Driller Baker Hughes will report weekly drilling activity later.
US benchmark light sweet crude oil prices a barrel add to Thursday’s pullback and revisit the area below $67.00 by the end of the week, or 3-day lows.
WTI further weakens on banking turmoil and strong dollar
In fact, banking concerns and growing nervousness over a possible contagion continue to weigh on trader sentiment while underpinning the daily decline.
Also playing against commodities is the sharp rebound in the dollar combined with recent news that the Biden administration may delay replenishing oil inventories until next year.
Later in the session, Baker Hughes will release its usual weekly report on the US rig count for the week to March 24.
technical levels
WTI is currently down 0.94% at $68.81 and a break of $64.41 (March 20 low) would target $61.76 (August 23, 2021 monthly low) and then $61.58 (March 2021 monthly low). May 21, 2021). To the upside, the next hurdle lies at $71.63 (weekly high March 23), followed by $76.33 (55-day SMA) and finally $80.90 (monthly high March 7).
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.
