Downward pressures for crude oil continue to build as physical demand trends continue to deteriorate. Crude oil prices could be on the verge of a break lower, suggests Daniel Ghali, Senior Commodity Strategist at TD Securities.
Downward pressures on oil prices continue to grow
“Algorithms are also being shaken in WTI crude, but bearish pressures continue to build as physical demand trends continue to deteriorate.”
“Our forward price simulations now suggest that a rebound will be needed to prevent deteriorating trend signals from catalyzing large-scale selling activity by CTAs over the coming week. Crude oil prices could be on the verge of a downside breakout.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
