Crude Oil Prices Spike Upwards – Capital Street FX
16 Feb 2023
Crude Oil Prices are higher, but Recessions Fears Spell Weekly Losses.
Brent Crude Oil futures rose 3.12% at 96.33 on Thursday.
Asia market oil prices fell on Thursday and more down because of the increased supply market is afraid that the global economy could slow further. Brent crude oil rose by $93.40 (0.4%) on Thursday.
After Russia’s invasion of Ukraine t market has been distressed about the improper supply of crude oil and OPEC struggled to increase output. Few countries with the potential to increase its oil production moreover the UAE is continuing to boost its production in line with demand.
The finance minister of seven clubs will discuss the US president’s administration proposed price cap on Russia at Friday’s meeting.
Oil prices are down after releasing the economic data from china, the two famous crude oils are West Texas Intermediate (WTI) and Brent crude oil. We all know the most demanded commodity is crude oil. oil is the benchmark for global economic activity the nature of crude oil prices reflects the volatile and liquid nature of the market. Let’s see some more information with the help of a chart.
On technical fronts, the Brent crude Oil; RSI stood at 55.297, and currently it is trading above all SMA. So, the BUY position can be taken with the following target and stop-loss: