As we continue to price in the possibility of a worldwide economic slowdown, crude oil markets declined again during Thursday’s trading session.
Crude Oil Price Prediction – Crude Oil Markets Continue to Respect the 200-Day Exponential Moving Average
The crude oil markets have retreated somewhat during Thursday’s trading session, indicating hesitancy around resistance.
During Tuesday’s trading session, crude oil markets rose slightly to break out of a falling wedge. This may be due to Saudi Arabia “rethinking” its crude output.
Fears that the Fed’s aggressive interest rate increases would reduce the world’s demand for gasoline are likely to keep the market in a gloomy mood.
Recent coronavirus developments acted as an additional negative factor for oil prices. The decline in the oil markets persists. Traders are concerned that a looming recession may depress oil demand. Tomorrow’s EIA report will reveal whether domestic oil output in the United States continues to rise.