Oil Price Touches 2-week Low because China’s Oil Imports rise since May
07 Nov 2022
Crude Oil WTI futures slumped 0.45% at 92.18 on Monday.
Oil prices down on Monday because continue growing concerns over demand, China reiterated its policy to maintain its economic disruptive zero covid policy.
Asia market oil prices fell on Saturday 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.
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 WTI Crude Oil; RSI stood at 55.493, and currently, it is trading above all SMA. So, the BUY position can be taken with the following target and stop-loss: