WTI CRUDE OIL XTIUSD Chart Technical Outlook is likely to remain below $70 on poor demand outlook
Oil prices are consolidating near lows, hit by OPEC’s downward revision of global demand growth, China’s disappointing economic recovery, and a strong US Dollar.
Beyond that Trump has hinted towards a more relaxed regulation for Oil drilling, which is expected to increase supply in a context of declining global demand.
All this keeps crude prices depressed, with the WTI unable to post any significant rebound following a nearly 7% decline from last week’s highs. Immediate support is at $6800 ahead of October’s low, at $67.00 and the year-to-date low, at $65.70, Resistances are $70.70 and $73.00.
