We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Aug 30, 2023 when Oil - US Crude traded near 81.43.Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Aug 30, 2023 when Oil - US Crude traded near 81.43.
EIA data has revealed a drop in US gasoline demand which the market was not very fond of. The US economy has proven more robust than its peers leading many to believe in the possibility of a soft landing. Therefore, any signs of fragility can land up causing a notable reaction. The issue of ‘demand destruction’ – a reduction in oil demand caused by higher oil prices – could be unfolding.
Brent crude oil continues the decline today after losing around $5 to it price in yesterday’s trading. The decline took oil past the 50 simple moving average and $87 with ease. At the time of writing Brent crude trades below $85, with the 200-day simple moving average the next level of support at $82.
The MACD confirms bearish momentum is gaining traction and the RSI is hurtling towards oversold conditions but holds steady for now. It is commonly thrown about that it is unwise to try to catch a falling knife, this situation is no different as the selloff shows little indication of reversing. Resistance appears at $87.WTI experienced a fall of similar magnitude, also shedding around $5 of the WTI price. Prices now test the prior zone of resistance around $82.
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