Commodities Analysis by Forex.com (Matthew Weller) covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Forex.com (Matthew Weller)'s latest article on Investing.com
The bullish supply-demand picture from the third quarter has reversed, driving crude oil prices sharply lower so far this week.
Through the third quarter of this year, when the US economy was growing at a far better pace than expected and traders were concerned about the potential for supply disruption from conflicts in the Middle East, oil prices surged by nearly 30%. Meanwhile, reports out of Russia suggest that the country may be exporting more oil than expected after the country vowed to voluntarily reduce shipments by 300k bpd until the end of the year. At the same time, recent ISM figures from the US, Eurozone, and China all missed expectations, suggesting that the global economy downshifted heading into the 4th quarter.
The 14-day RSI is testing oversold levels for the first time in eight months, so a brief bounce cannot be ruled out, but the dominant trend remains to the downside for a potential move toward the 78.6% Fibonacci retracement near $70 unless something major changes.Crude Oil, the more global benchmark for oil prices, is seeing a similarly deep selloff of its own. Brent prices sliced straight through support at 83.
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