WTI Crud Oil Chart Technical Outlook

WTI Crude Oil Chart Technical Outlook on D1 time frame.

Oil prices are going through an expected corrective reversal after having rallied non-stop over the last three months; Brent peaked in September at levels 32% higher than in late June.

Beyond that, the weak data seen in the US (ADP Employment and Services ISM PMI data) has cooled investors’ views about the US economic outlook, increasing concerns about a decline in demand, which increased downside pressure on crude prices on Wednesday.

Below $85.70, next support is at $84.70 and $83.40.

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