WTI sinks beneath $78.00 on global recession fears, upbeat USD Oil WTI Energy
, as the country battles spurring Covid-19 cases amidst increasing worries for a worldwide recession. At the time of writing, WTI is trading at $77.78 per barrel, below its opening price, after reaching a high of $81.44.halted its upward trajectory at the 50-day Exponential Moving Average at $80.32 a barrel. An increase of Covid-19 cases in China threatens to dampen demand in the second-largest economy and the world’s leading oil importer.
On Sunday, the International Monetary Fund Director Kristalina Georgieva said that the global economy faces “a tough year, tougher than the year we leave behind.” Additional central bank tightening and weaker growth expected by the worldwide economy keep recessionary risk skewed to the upside. Saxo Bank analysts wrote, “Another volatile year undoubtedly lies ahead with multiple uncertainties still impacting supply and demand. The two biggest that potentially will weigh against each other in the short term remain the prospect for a bumpy recovery in Chinese demand being offset by worries about a global economic slowdown.”perspective, WTI is neutral-to-downward biased. The 50-day EMA, around $80.
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