Oil prices are falling for a second day in a row, with US Western Texas Intermediate (WTI) breaking below the $90 level, on the back of a strengthenin
g US Dollar. Although higher Oil prices should be a good thing for Oil-producing companies, the recent spike has triggered a 5.3% sell-off in an oil producers index. It looks like energy traders are reaching the pain point where demand could start to diminish, which means less income for oil producers. , which tracks the USD against a basket of other main currencies, trades above 106.00, whereas the EUR/USD pair breaks lower to 1.05.
The CEO of Continental Resources Doug Lawler asked the US government to explore more in domestic crude production. Otherwise, WTI Crude could be heading to $150 if the current pace of drawdowns in stockpiles is maintained throughout the rest of 2023, he said. Similar issues from China, where real estate conglomerate Evergrande missed interest payments on its debt..
On the upside, the double top from October and November of last year at $93.12 remains the level to beat. Although this looks very much in reach, markets have already priced in a lot of possible supply deficits and a bullishOn the downside, a new floor is formed near $88 with the high of September 5 and 11 underpinning the current price action. Proof of that already exists with the dip of September 13 and September 21, which reversed ahead of $88.
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