Crude oil markets have fallen during the week as we continue to consolidate in the same range we have been in for a while.
Crude oil markets fell significantly during the trading session on Friday again, as it looks like we are probing toward the bottom of the recent consolidation area.
U.S. WTI crude oil futures are extending their decline, raising concerns over demand amidst interest rate hikes and a strong dollar.

Oil steadies after sliding on UK rate hike

09:04pm, Thursday, 22'nd Jun 2023
Oil prices were little changed in early trading on Friday but were headed for a 3% drop for the week on worries about the outlook for fuel demand after a bigger-than-expected interest rate hike in the
Oil markets are down by roughly 4% as traders fear that rate hikes will hurt economic growth.
Oilfield activity slowed further this quarter, according to the latest survey of energy executives by the Federal Reserve Bank of Dallas, with declines in oil production and gas output indices.
Powell's hawkish comments and the aggressive rate hike from the BoE put pressure on the oil markets.

Crude Oil Price Forecast – Crude Oil Plunges

10:33am, Thursday, 22'nd Jun 2023
Crude oil got whacked during the trading session on Thursday, as we continue to see the global concerns of a slowdown work against it.
Crude oil futures are lower as rate hike concerns arise, but an unexpected draw in API stocks provides a boost to market sentiment.
Oil prices held on to most of the previous day's gains in early trade on Thursday as markets weighed an unexpected draw in U.S. crude oil stocks against the prospect of weaker demand after the Federal
Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources s
U.S. crude oil inventories at the Cushing, Oklahoma, storage hub have risen to their highest in two years, as outages at Midwestern refiners crimp demand and higher flows from Canada add to supply.
Oil supply may be cut by 250,000 bpd if the southern route of Druzhba pipeline is included in the final version of the new sanctions package.
U.S. crude oil refining capacity has reversed two years of declines and climbed by more than 100,000 barrels, to 18.1 million barrels per day (bpd), according to a government report released on Wednes
The crude oil markets have rallied just a bit during the trading session on Wednesday but still face the 50-Day EMA above.
Click to get the best stock tips daily for free!

Top Fintech Company

StockInvest.us featured in The Global Fintech Index 2020 as the top Fintech company of the country.

Full report by FINDEXABLE