- Oil price falls on Tuesday, although it finds support.
- The dollar rises and Treasury bond yields remain in the high zone.
- Rise in stocks helps support crude prices.
The oil prices they are falling on Tuesday, moderately. In recent hours they have managed to cut losses possibly driven by a rise in equity markets.
ANDl barrel of WTI (trading platforms) fell to $83.50, the lowest since Oct 4. It then bounced back and is trading around $84.40. The bias remains bearish, although it seems to be building support around $84.00. On the upside, $85.50 emerges as key resistance.
Follow the cross-statements between US officials and the Organization of the Petroleum Exporting Countries and its allies. Saudi officials said the Saudi decision to cut production days ago could lead to a large release of US strategic reserves.
In turn, the energy minister of the United Arab Emirates said on Tuesday that “the commitment to increase production is there”, and at the same time, defended the OPEC + decision. Officials from other countries in the group said the decision was unanimous and was not a political issue.
Technical levels
Source: Fx Street
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