Commodities Analysis by Fawad Razaqzada covering: Crude Oil WTI Futures. Read Fawad Razaqzada's latest article on Investing.com
Oil prices are under pressure as global demand falters and non-OPEC supply rises.Saudi Arabia is expected to cut crude prices in January, adding more tension to the market.
This prospect looms large, as US output is already at record highs in 2024, threatening to flood the market unless global growth accelerates or OPEC reduces its output significantly. It has to be a significant delay to help prices materially, or else we could see oil quickly drop back amid ongoing macro concerns.Adding to market tension, Saudi Arabia is expected to announce a sharp cut in crude prices for Asian buyers in January.
Therefore, today’s recovery could be another such price movement. Until such a time that we have a clear reversal pattern on the charts, technical traders may be more included to look for bearish trades near resistance than bullish trades at support.The key support zone to watch starts at around $68.00 where WTI has repeatedly found support despite numerous short-lived breakdowns. This support range extends down to around $67.00.
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