Crude OIL (week of 17-21/06)

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Weekly Summary

Range-bound WTI crude oil shifts up $80.59 to close at $80.59 per barrel .

Crude Oil rose $80.59 to close at $80.59 per barrel today which makes for a move of 0%. (Start trading WTI crude oil at FXTM today).

Jun. 21, 2024

Risk-off mood drags US crude oil 0.86% lower

(23:27) GMT

A quick look at today: WTI crude went down to $80.59 per barrel, after ending yesterday at $81.29. Overall, a 0.86% move or 70 cents today.

Crude Oil made an initial break below its 5 day Simple Moving Average at $80.83, a possible indication of a forthcoming negative trend. In contrast, US crude oil could begin to recover as it approaches significant support, now 52 cents away from $80.07. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting WTI crude to extend its recent losses.

WTI crude oil's value drop coincided with the fact that Heating Oil lost 1.39% today and closed at $2.52. Brent Crude Oil lost 0.75% today and closed at $85.71.

WTI crude has gained 21.72% since its lowest print of $67.77 earlier this year.

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