Crude Oil Continues to Look Negative Overall -
market displayed reluctance to move during Thursday's trading session. This is unsurprising given the considerable selling pressure, which may have exhausted the market. With prices below $70, it is likely that the market will continue to decline toward $65. Any short-term rallies should be viewed as opportunities to sell short, as the world confronts the possibility of a deeper recession than previously expected.
It is worth noting that crude oil is highly sensitive to global economic growth. If growth remains stagnant or slows down, demand for crude oil will likely be limited. As of now, I am not interested in purchasing crude oil, as it has proven to be very difficult, and it now seems as if all rallies will continue to act as an opportunity for short sellers to get involved yet again. Quite frankly, I think we are setting up for something rather ugly when it comes to the global economy, and of course, crude oil will be front and center.The Brent market has been fluctuating during the trading session, indicating weakness as there is no sign of a bear market rebound.
A breakdown below the bottom of Wednesday's candlestick could lead to a drop below $70, potentially triggering a significant downward trend. Any rally at this point is vulnerable, particularly as the 50-Dayis starting to trend lower and the $77.50 level above is a significant resistance level. As of now, buying oil appears unwise as there are so many things out there working against the economy.
Quite frankly, at this point, it’s difficult to imagine a scenario where crude oil starts to take off unless the US dollar starts to tank quite rapidly. That seems to be unlikely since there are so many people out there throwing money at the bond market in America.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crude Oil Price Today: Bank turmoil drags crude to 15-month lowWhat You Need To Know About Markets And The Economy
Read more »
Crude oil prices to push above $100/bbl in the second half of the year – ANZCrude prices have plunged this week as risk aversion escalates amid the widening banking crisis. However, strategists at ANZ Bank expect the sell-off
Read more »
Crude Oil Futures: A near-term rebound seems in storeCME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the second day in a row on Thursday, th
Read more »
Crude Oil Futures: Room for further losses near termConsidering advanced prints from CME Group for crude oil futures markets, open interest resumed the uptrend and went up by around 20.6K contracts on W
Read more »
Despite objections, Chevron says it reported oil price dataThe law requires oil companies to report their monthly “gross refining margin,” the difference between how much refineries paid for crude oil and how much the company sold it for as gasoline.
Read more »
![New ‘The Flash’ Season 9 Clip Continues Sugar Lyn Beard’s Unlucky Streak [Exclusive]](https://i.headtopics.com/images/2023/3/15/collider/new-the-flash-season-9-clip-continues-sugar-lyn-be-new-the-flash-season-9-clip-continues-sugar-lyn-be-1636004980661387267.webp?w=640)
New ‘The Flash’ Season 9 Clip Continues Sugar Lyn Beard’s Unlucky Streak [Exclusive]Check out a new exclusive clip from CW_TheFlash which sees Sugar Lyn Beard return as the charming but unlucky Becky Sharpe.
Read more »