West Texas Intermediary (WTI) Crude Oil prices are seeing declines in the early trading week as market fears over Middle East geopolitical tensions sp
WTI sees a relief pullback from recent highs as investor fears over geopolitical tensions ease. Markets are likely to see limited downside as global supply remains constrained. Chinese demand ate through more reserves than expected recently. illing over and negatively impacting Crude Oil supply are beginning to subside. WTI Crude barrels kicked off Monday testing the $88.00 handle in the early pre-US market session before barrel bids tumbled, taking WTI down into $85.00.
Despite tensions in Crude markets easing, the outlook for barrel prices still remains elevated, with global supply continuing to undershoot demand, especially after a surprise drawdown in crude inventories from an unexpected uptick in Chinese demand for Crude Oil, despite the floundering of China's domestic economy. WTI Technical Outlook WTI Crude Oil prices are falling back into the 50-day Simple Moving Average near $85.50, slipping from the last swing high into $89.64.
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