Is Crude Oil on a Slippery Slope?

2024-10-21 | Commodities , Crude Oil , Oil , Oil Price , WTI Crude Oil

Crude Oil Futures Face Sharp Declines

Crude oil futures took a sharp hit last week, with both Brent and West Texas Intermediate (WTI) crude dropping over 7%, marking their largest weekly declines in more than a month. This selloff was driven by weaker demand forecasts from China and reduced fears of supply disruptions in the Middle East.

Market Outlook: Pressure Continues

Looking ahead, the market is expected to stay under pressure. China’s economic slowdown, combined with OPEC and IEA’s lower demand projections, could push prices even lower, possibly testing critical support levels around $63.46.

Traders should remain cautious, keeping an eye on developments in the Middle East and US economic data, which may offer short-term relief, though a full recovery seems unlikely anytime soon.

Crude Oil Inventories Report in Focus

All eyes are now on this week’s crude oil inventories report, as it could provide further clues on market trends.

Crude currently trading Crude at $68,50.

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