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GemForex | Crude Oil (WTI)

GEMFOREX | 2022-06-23 16:09

Abstract：Crude Oil (WTI) - Rebound in the offing?

WTI: The $100 mark should hold the downside

Prices of the WTI retreated sharply and revisited the $101.00 region on Wednesday. The strong downtick was due to shrinking open interest in the futures market, giving the hint that a deeper pullback is not favored in the near term.

The further downside in prices of the commodity should meet tough support around the $100.00 area.

That said, the black gold is on the downtrend for the second consecutive day, down 1.0% around $102.90, amid early European morning on Thursday.Aclear downside break signal of the three-month-old support line, near $101.00 by the press time, appears necessary for the bears.

Oil WTI

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