fundamental News - OIL

WTI Crude Oil futures settled lower on Wednesday, as an early rally fizzled and selling intensified on worries the Omicron variant of coronavirus could cut oil demand as global supply builds.


Late in the session, oil prices dropped into negative territory after U.S. officials said the Omicron variant believed more transmissible than previous strains of coronavirus - had been found in the country.

The OPEC meeting is going on over the next two days and that will be the next catalyst more likely than not. If they choose not to increase production, that could send this market reeling back up towards the $75 level.

Technical analysis

The WTI Oil market has broken below the trendline support of Aug-Nov to around $65.80 during trading session on Thursday. The Next major support come in at the weekly 200-SMA at $56.91.

expectation today: neutral


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