WTIUSD Chart Technical Outlook Oil retreats weighed by demand concerns, next support is at $75.80
Crude Prices are trading lower on Wednesday, as investors’ concerns about a decline in global demand are offsetting the positive impact of the geopolitical tensions.
The war in the Middle East continues, with Houthi militants attacking vessels in the Red Sea, which is keeping prices from dropping higher. Investors, however, remain wary that a global economic slowdown led by China will trigger a significant decline in demand over the next months.
The technical picture shows WTI prices moving in a bearish flag pattern, capped at the 38.2% Fibonacci retracement of the late 2023 decline, at $78.15, with the next resistance at $79.40 ahead of the channel top, at 81.80. Support levels are $75.70 and $74.10.
