Crude oil prices can’t seem to catch a bid, setting freshly monthly lows in today’s session. The downtrend from the June and July swing highs remains in place, but support may be nearing around 85.41, the October 2021 high.
Crude oil prices are taking another dive lower today on the back of renewed concerns about supply and demand. On the demand side, news that the People’s Bank of China cut a key interest rate for only the second time this year stoked worries that the world’s second largest economy is in worse shape than previously believed. On the supply side, there are signs of progress towards a revitalized Iran nuclear deal, which would bring Iranian oil back to the market.
The one-two punch of weaker Chinese demand plus increased Iranian supply has helped drive crude oil prices to a fresh August low, and their lowest level since the Russian invasion of Ukraine began in February. The technical picture isn’t faring any better, with the downtrend in place since the June high remaining.
As is often the case, the uptick in crude oil volatility has proved negative for crude oil prices in the near-term.was trading at 50.33 at the time this report was written.-0.20. O
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