Thu, Aug 11, 2022 @ 21:27 GMT
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US Oil Breaks Critical Support

Oil prices slumped after OPEC+ decided to raise output. Downbeat sentiment prevails as WTI struggles to achieve a higher high. The recent rebound came to a halt at 101.80 next to the 30-day moving average. A subsequent fall below 96.50 suggests that the path of least resistance is still down. A break below 91.10 could trigger liquidation towards 85.00, opening the door for a bearish reversal in the weeks to come. 96.20 is the first hurdle and the bulls need to clear 101.80 before a recovery could take place.

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