West Texas Intermediate (WTI) crude futures on NYMEX managed to hold support near $62 in Wednesday’s Asian session after falling nearly 4.4% in the last two days. Prices found somerelief as OPEC+ dismissed speculation aboutmajor jump in oil production at its upcoming Sunday meeting.
WTI Crude oil price
WTI Crude Approaches 7-Month Low
WTI crude oil futures fell below the $72.2 per barrel mark on Tuesday, the lowest since touching a seven-month low of $71.9 in August as muted demand magnified the impact of relatively ample supply. New data from China exacerbated concerns that economic growth from one of the world’s largest oil consumers is unlikely to bounce back this year, with key gauges of domestic factory demand dropping more than expected in August.
WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips)
WTI Crude Oil Above 43.65 Next Target $45——$47 (Buy on Dips) – crude oil prices entered a brief consolidation after hitting a key chart resistance level at US$ 46.30.