During the Asian trading session, the price of oil fell from $ 110.00 to $ 103.25. Fear of the recession and the lower oil demand knock down the price of oil. Tomorrow, US President Biden is expected to meet with seven executive directors of the largest oil companies. It is rumored that some unconventional non-market measure will likely be introduced to curb the price of oil that fuels inflation. Crude oil traded at $ 104.53 a barrel, down 4.54% from trading tonight. Tonight, the issue of the American Petroleum Institute on the state of crude oil stocks in the USA will be published. The oil price somehow managed to stay above $ 104.00 and form the current bottom for a potential recovery. For the bullish option, we need a new positive consolidation and a return above the $ 106.00 level and the formation of a higher low on the chart. After that, we can expect further growth towards the next targets. Potential higher targets are $ 108.00 and $ 110.00 levels. We need continued negative consolidation and a fall below the $ 104.00 level for the bearish option. After that, we could expect the price to continue with the pullback. Potential lower targets are $ 103.00, $ 102.00 and $ 100.00 levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.