Chat with us, powered by LiveChat

Elija el país y el idioma:

Close Icon

WTI drops to yearly low

Home >  Daily Market Digest >  WTI drops to yearly low

detail_image_market
author_img

Written by:
Myrsini Giannouli

07 December 2022
Share the article

Oil prices extended Monday’s losses on Tuesday, with WTI prices dropping to their lowest level in 2022. WTI fell below the $76.5 per barrel support, touching the $73.5 per barrel level for the first time since the start of the war in Ukraine. If the WTI's price continues to retreat, it may encounter further support at $62.6 per barrel, while resistance may be found near $90.3 per barrel.

Oil prices have been dropping since the beginning of the week, despite the announcement of a Russian oil price cap during the weekend. G7 leaders have agreed to enforce a price cap of $60 per barrel, which is slightly lower than the current market level. The cap on Russian oil might limit supply, especially if Russia decides to retaliate by refusing to trade with countries that enforce the price limit. Oil prices plummeted since the announcement of the Russian oil cap, however, since markets were pricing in a tighter price limit. Fears that the price cap would reduce global crude supplies have prompted a wave of precautionary buying of oil in the past couple of months, driving oil prices up.

OPEC+ members agreed to continue oil production cuts into the next year to boost oil prices. The organization decided to curtail oil supplies by 2 million barrels per day, maintaining its previous decision made in October. OPEC’s oil production cuts are set to run throughout 2023, although the group stated that they would address market developments if necessary.

Covid cases in China have finally started to drop, boosting the oil demand outlook and oil prices. After days of protests against the crippling Covid lockdowns, Chinese authorities finally seem ready to relax some of the harsh Covid restrictions. The Chinese government eased some of its strident Covid regulations, abandoning its zero-Covid policy. The uncertainty over oil demand in China has influenced oil prices considerably as China is the world’s largest energy importer and zero-Covid restrictions severely limit oil demand. 

WTI 1hr chart

TRADE WTI

The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.

author_img

Written by:
Myrsini Giannouli

Share the article:

Latest news

main_image_market

Dollar steady ahead of key US economic data

Myrsini Giannouli 28 March 2024
main_image_market

Gold prices advance as US treasury yields decline

Myrsini Giannouli 28 March 2024

Oil prices rise on lower-than-expected US stockpiles

Myrsini Giannouli 28 March 2024

Bitcoin struggles to maintain key $70,000 level

Myrsini Giannouli 28 March 2024
Por qué TopFX
10-years
13+ años

presencia en el sector como proveedor de liquidez

Spreads
Spreads desde 0.0 pips

y una ejecución fiable

Segregated
Fondos de clientes

segregados

First-class
La mejor

atención al cliente

Abra su cuenta real en 3 pasos
Paso 1

Rellene el formulario
de registro y pulse en
"Crear cuenta".

Paso 2

Una vez esté en la zona segura de cliente, por favor proceda a cargar su prueba de identidad y prueba de dirección.

Paso 3

Cuando su cuenta real se apruebe, ¡puede depositar fondos y empezar a operar en la plataforma que quiera!

IMPORTANTE

El sitio web que está viendo ahora es operado por TopFX Global Ltd, una entidad regulada por la Autoridad de Servicios Financieros (FSA) de Seychelles con una Licencia de Agente de Valores No SD037 que no está establecida en la Unión Europea o regulada por una Autoridad Nacional Competente de la UE.

Si desea continuar, confirme que su decisión será por su propia iniciativa exclusiva, y que TopFX, o cualquier otra entidad dentro del Grupo no han realizado ninguna solicitud.

No volver a mostrar este mensaje

Cookies en TopFX

La página web de TopFX usa cookies para optimizar la experiencia del usuario.

Estas cookies pertenecen a las siguientes categorías: esenciales, funcionales y publicitarias. Las cookies publicitarias también pueden incluir cookies de terceros.

Administrar preferencias

Puede personalizar su selección de las cookies que desea aceptar.

  • Esenciales

    Estas cookies son necesarias para que la página web funcione correctamente y no se pueden desactivar.

  • Funcionales

    Las cookies funcionales permiten que la página web recuerde las preferencias de los usuarios y las elecciones que hagan en la página web, como el nombre de usuario, la región y el idioma.

  • Publicitarias

    Estas cookies se utilizan para rastrear a los visitantes en nuestros sitios web y mostrarle anuncios más relevantes. Las cookies de marketing también incluyen cookies de terceros de socios. Para obtener más información relacionada con la protección y recopilación de datos, consulte nuestra Política de privacidad y Divulgación de cookies.