Crude oil bounces toward resistance
sits right around the $81.50 level and is dropping. The $80 level between here and there could also offer a significant amount of psychological resistance, so do not be surprised if that comes into the picture as well. Having said that, even though we had a nice bounce during the day, we are already starting to see some traders fade the market. Keep in mind that crude oil has sold off quite drastically, but there are multiple reasons for this.
Crude oil is the “lifeblood” of the global economy, so if it’s slowing down, crude oil falls. The other reason of course is the fact that the US dollar is extraordinarily high, although it has cooled off as of late. If the US dollar starts to spike again, that could be yet another reason for crude oil to fall. Keep in mind that the end of the year means low liquidity, so we could see outsized moves based on random headlines.
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