Crude Oil Price Forecast: Market Faces Downward Pressure Amidst Demand Concerns

Tuesday, 3 September 2024, 07:05

Crude oil price forecast points to a significant drop as the market experiences a sharp decline. WTI Crude Oil has breached $71.50, indicating weakness due to falling demand. A potential support level is observed at $70, while Brent Crude is navigating below the $75 mark, similarly influenced by slowing Chinese demand.
FX Empire
Crude Oil Price Forecast: Market Faces Downward Pressure Amidst Demand Concerns

WTI Crude Oil Technical Analysis

The crude oil market in early Tuesday trading has fallen significantly, primarily due to a sharp decline in demand. The West Texas Intermediate Crude Oil Market has broken through the $71.50 level, signaling a concerning trend. Support at the $70 level may hold, but a breakdown below this point would dramatically escalate the negative outlook.

Market Outlook

Should prices recover and break above $72.50, there could be a bullish shift, possibly targeting the $73.50 level. However, the current sentiment leans bearish.

Brent Crude Oil Technical Analysis

The Brent market follows a similar trajectory, currently trading below the $75 mark with potential support at $72.50. This market remains volatile, making it challenging to engage in buying decisions without caution. The declining demand, particularly from China, remains a pivotal factor in the market's pricing dynamics.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe