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Oil prices fell overnight as China’s lockdown of Shanghai commenced. However, the pullback may be as temporary as the lockdown as global supply remains constrained amid Russian sanctions.
Crude oil continued to fall in the early portion of the week, piercing the 100 level temporarily before buyers made a pronounced re-entry into the situation.
Oil prices may have exhausted this week with WTI marking the largest weekly loss since November. The technical trade levels that matter on the Crude weekly chart.
Oil prices have eased despite Russian oil ban and declining stockpiles. Will UAE and OPEC production be sufficient to offset supply constraints and elevated prices?
Oil prices have exploded amid the Russian invasion of Ukraine- a technical breakout of the uptrend risks a run on the highs. The levels that matter on the weekly chart.