This 9 March Crude Oil Price Technical Forecast shows that crude oil is down further once again on a strengthening USD and continued market angst about potential trade wars, and WTI Crude is heading into 60.00/barrel territory in Asia trading. What is more?
9 March, GKFX – Crude looks to have peaked and is set for further declines, with inventories at US refineries still piling up amid the overproduction glut flowing from American oil producers and the US Dollar advancing in global trade, capping off gains in fossil fuels.
Crude down on tariffs-fueled risk aversion
Oil is set to drop for a second straight week as commodity markets get jittery about Donald Trump’s tariffs that the President signed into action today, and will take effect fifteen days from now.
The 25% penalty on foreign steel and 10% on aluminum crossing the US border are still sparking fears of potential trade wars despite Trump writing NAFTA renegotiation-dependent exemptions for Canada and Mexico into the bill, as the tariffs still impose heavy penalties on Chinese and European exporters.
Fears of potential retaliations are still on the rise, and oil can expect to resume declining as market confidence ebbs.
9 March Crude Oil Price Technical Forecast
WTI Crude is continuing its pattern of lower highs following this week’s decline from the 63.00 area, and support levels are beginning to fail on Daily charts, with the H4 candles capturing territory with lower closes not seen since mid-February. Intraday support is thinning out but marked at 59.75 and 59.25 per barrel, with resistance at 60.75 and 62.60 per barrel.
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