WTI Crude Oil Technical Analysis ...Middle East

Crude Oil fell to a 3-month low as the market focus switched from the geopolitical risk in the Middle East to the macro risk of a recession as the PMIs of major economies continue to contract and the US labour market data started to show more clear weakness. If we don’t get any bigger escalation in the Middle East that could threaten to disrupt supply, Crude Oil is likely to reach even lower price as while the global economy continues to weaken. WTI Crude Oil Technical Analysis – Daily TimeframeOn the daily chart, we can see that Crude Oil fell back into the range between the $83 resistance and $64 support. The bias has turned bearish again following this technical break below the $83 level

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