There is no oil since January of this year

Price OIL.WTI it fell below $84 per barrel in Wednesday, not since January, as concerns about global demand overshadowed President Putin’s warning about the potential cost of all forms of Russian energy. Unsatisfactory data is known and the restoration is limited in a few cities, leading to an economical reduction in fuel consumption. According to recent data, the import of crude oil in August fell by 9.4% compared to the previous year. Meanwhile, worsening financial conditions in major economies and a stronger dollar put further pressure on oil prices. From a technical point of view, the price broke below the support level at USD 85.50, which is indicated by the lower limit of the 1:1 structure and previous price reactions. If the current sentiment holds, the downward move could deepen towards another major support at $76.50, which coincides with the 61.8% Fibonacci retracement of the uptrend wave formed in December 2021.

OIL.WTI, H4 interval. Source: xStation5

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Tags: oil January year

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