Check out this week's WTI Crude Oil Forecast:
Crude Oil speculators continue to face challenging circumstances as volatility remains under the spell of technical and speculative swirling price storms.the price of West Texas Intermediate Crude Oil traded above the 92.00 level with sustained price action. These highs were produced in the wake of OPEC’s announcement that it was going to cut Crude Oil production substantially because it felt demand was going to decrease, because of worsening global demand due to recessionary conditions.
A reversal higher was then seen which can be interpreted as a natural market reaction up to around 88.00, but by Thursday the price of WTI dropped to a weekly low of nearly 84.50. Another reversal higher happened which again saw a value of above 88.00 displayed.This may have been a combination of behavioral sentiment from growing nervousness regarding global economic conditions which could affect demand for the commodity, and technical speculation.
It may be tempting to bet that the price of WTI Crude Oil is going to keep falling this week after Friday’s price performance. However, the value of the commodity has shown the ability to burst upwards too. As much as the U.S White House may want the price to fall, the price remains within an elevated range and would likely need additional ‘bad’ economic news to show speculators that demand is going to decrease substantially.
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.
Weekly Forex Forecast \u2013 USD/JPY, AUD/USDThe difference between success and failure in Forex / CFD trading is highly likely to depend mostly upon which assets you choose.
Read more »
Gas prices rising: Here’s a look at the nation’s Strategic Petroleum ReservesThe Strategic Petroleum Reserve is the world’s largest supply of emergency crude oil.
Read more »
'Harry Potter' Stars Pay Tribute to Robbie Coltrane After His DeathBeloved 'Harry Potter' star Robbie Coltrane died on October 14 at age 72, his rep confirmed to Us Weekly — cast reactions
Read more »
Straight Males, Sales Fail, in The Daily LITG, 16th of October, 2022Welcome to the Daily LITG. The world can seem like a terrible and strange place sometimes, but at Bleeding Cool, you can still read all about comics,
Read more »
Pairs in Focus This Week-S\u0026P 500,EUR/USD,Gold,Oil,BTC/USDGet the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of October 16th, 2022 here.
Read more »