Oil futures edged higher Wednesday as supply worries moved back into focus after a rout in the previous session that drove the U.S. crude benchmark below the $100-a-barrel threshold for the first time since May.
Price action Market drivers Crude prices were consolidating after a brutal selloff that saw Brent fall more than 9% Tuesday and WTI slide more than 8% for their biggest one-day percentage falls since early March. The move was attributed to growing fears that aggressive monetary tightening by the Federal Reserve and other major central banks in response to persistently high inflation could send the U.S. and global economy into recession.
Thin trading conditions following Monday’s U.S. Independence Day holiday may have amplified the move, they said. Analysts said technical factors were also at play, with crude futures sliding through key support levels. WTI, however, did manage to hold above the early May closing low of $99.43, which should be viewed as a “near-term line in the sand as if it is broken, downside momentum could continue to build,” they wrote, adding that Tuesday’s trend bread hadn’t yet shifted the outlook to bearish “but it did shift our outlook from bullish to neutral on a short- to medium-term time frame with rangebound trading in the upper $90s to $115/ barrel area becoming increasingly likely.
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