WTI Crude Oil Trading in Same Consolidation Area:
Enter your emailAt this point, I am very leery about putting too much money into the market, because quite frankly it’s just so messy right now. market gapped lower to kick off Wednesday but then turned around to recapture the $100 level.
This is a microcosm of the volatility that we are seeing around the world, and I don’t think it gets any better anytime soon. The is at the $110 level, and that could be a target, but we would need to get above the previous uptrend line to even have that conversation. At this point, the $110 level looks to be the ceiling.On the other hand, if we were to break down below the black 200 day EMA on the chart, that opens up the possibility of a significant drop, perhaps down to the $90 level.
Keep in mind that the market is more likely than not going to pay close attention to production numbers and of course the US dollar. If the US dollar continues to climb, it’s very possible that will weigh upon this market as well. After all, the US dollar is like a wrecking ball for almost everything, crude oil included.
At this point, I am very leery about putting too much money into the market, because quite frankly it’s just so messy right now.Pay close attention to economic and inflation numbers, because if central banks around the world are going to have to tighten monetary policy, that is going to put a significant dent in the overall longer-term demand, because the economy will almost certainly go into a recession.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Crude Oil Price Forecast: Rebound from Support Gathers Pace – What’s Next?Crude oil prices have rebounded from support zone around $94/brl last week, a floor seen since the war in Ukraine started. Technical momentum is shifting but not enough to suggest that the recent sell-off has run its course.
Weiterlesen »
Existing home sales report, crude stockpiles expected to rise and more: 5 things to knowReports on existing home sales and energy inventories will be released Wednesday morning along with second-quarter earnings from Tesla, Abbott Labs, United Airlines and more.
Weiterlesen »
Live blog: US expects global price cap on Russian oil by DecemberUS hopes to see a global price cap on Russian oil introduced by December as Moscow warns it will not export if the limit is below production costs, as fighting in Ukraine rolls into its 148th day Follow our live coverage:👇
Weiterlesen »
Oil Well Old-Fashioned, Anyone?Sangria, Sherry Cobbler and Zombie cocktails captured global attention when served at world's fairs. Here, a history of drinks at the events (via punch_drink)
Weiterlesen »
Tucker Carlson mocks Joe Biden on cancer, Delaware: 'It rains oil'Carlson said that the president's remarks made it seem as though Delaware was 'such an awful state that everyone who lives there gets cancer.'
Weiterlesen »
Houston hacienda built in 1967 for an oil mogul listed for $9.6 million in Memorial area
Weiterlesen »