WTI slumps another 5% as demand outlook is cut

0 72

Crude oil prices continue to push lower, losing over 5% on Wednesday.

The declines come as forecasts for the global outlook for crude oil indicate a sharp fall.

This comes just a day after Saudi Arabia and Russia agreed to production cuts.

Price action is down at 30 March lows of 19.50. A breakdown below this level will likely see new declines.

However, it also raises the prospect of a possible bottom forming if the support level holds.

The range within 22.00 and 19.50 could likely stay in place for the moment.

TradingOil

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Leave A Reply

Your email address will not be published.