WTI heads towards summer 2023 low
Oil prices faltered again yesterday, closing near the lows and leaving WTI within a short distance of the December lows. $67.30 provided support during the middle of 2023, so this will be a key area to monitor. There seems to be little sign of any bullish momentum, though a close back above $70.00 might suggest that a low has formed.
Notably, news that OPEC was considering delaying an October production increase has done little to support the price.
Analysis and Future Forecast
With WTI heading towards a potential new low, it reflects the continuing challenges in the oil market. The lack of bullish momentum and the inability to find strong support levels indicate a bearish trend. The news of OPEC considering delaying production increase may not be enough to reverse this downward trajectory.
Traders and investors should closely monitor the $67.30 support level as a key indicator of future price movements. If WTI fails to hold above this level, it could signal further declines in the coming days.
Impact of Global Factors
The lack of bullish momentum and the potential delay in OPEC production increase can be attributed to various global factors such as geopolitical tensions, supply and demand dynamics, and economic uncertainties. These factors continue to weigh on oil prices and shape the overall market sentiment.
