Wed, Feb 01, 2023 @ 19:18 GMT
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US Oil Struggles for Support

WTI crude falters over fears of a forced recession by central banks across the globe. The price hit resistance at last month’s swing high (82.00), suggesting that the pessimism still prevails. A combination of profit-taking and renewed selling has driven the commodity below 78.00 and 74.00, exacerbating the liquidation. The psychological level of 70.00 is the last level to gauge buying interest, and its breach may cause a bear market. 76.40 is the first hurdle and only a bounce above 79.90 may shore up confidence.

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