2023-05-01 00:54:34
The WTI and Brent Crude Oil markets are currently under great pressure due to the slowdown in the global economy. During the Friday session, the WTI Crude Oil market looked heavy, reflecting the notion of a significant slowdown. The market is currently pricing in this scenario, and the gap formed by OPEC cutting 1.6 million barrels per day of production has been filled and breached, which is a negative sign overall. As a result, there is a huge possibility that the WTI Crude Oil market will drop to the $70 level, although that may not happen right away.
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The Brent market also came under similar pressure, although it tried to rally more than the WTI Crude Oil market previously. However, the sellers have come back in, and it looks as if Brent is going to reach towards the $75 level, which is psychologically significant and has offered support in the past. A break down below there then opens up a possible move to the $72.50 level, and eventually the $70 level if things get bad enough.
The 50 day EMA is proving to be a crucial resistance point in both the WTI and Brent markets, and any rallies should expect significant resistance. Investors should be careful while investing in the oil markets, and it is not advised to take too much risk in any type of deal. It is not recommended to buy oil in light of the slowing global economy, and it is necessary to wait for oil to become “a bit expensive” to get the best opportunities in the future.
The slowdown in the global economy is the main reason behind the pressure on the oil markets, which makes investing in oil very risky. Any rallies that show even the slightest potential for gains will likely end up being short-term selling opportunities. It is essential to be patient while investing in the oil markets, and it is not advised to rush into any position without allowing the markets to provide an idea of when it is a good time to start shorting again.
in the end, The WTI and Brent Crude Oil markets have been under significant pressure due to the global economic slowdown. The 50 day EMA is proving to be a crucial resistance point and investors should be careful while investing in the oil markets. Any rallies in these markets should expect significant resistance, and it is not a good idea to buy oil anytime soon. It’s a good idea to wait for oil to get “a little expensive” to get the best chances in the future. It is necessary to be patient while investing in the oil markets and it is not advisable to rush into any position without proper analysis and understanding of the market dynamics.
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