WTI crude falls as ongoing global rate increases weigh on growth and demand prospects. The latest bounce from 75.50 has failed to clear the support-turned-resistance of 77.60, and a drop below its origin means that the path of least resistance is down. 76.00 is a fresh resistance after a new round of sell-off broke through 75.00. This month’s low of 72.30 is the next level to see if any meaningful buying interest would emerge. Failing that, the commodity could be in for a bearish continuation in the medium-term.
