Crude Oil Price: Pressure Under $71.39 Targets $68.98

Crude Oil Price: U.S. West Texas Intermediate crude oil futures are trading lower on Friday as surging cases of the Omicron coronavirus variant raised fears of demand destruction. Today’s weakness puts the market in a position to end post a weekly loss, its seventh in eight weeks.

Crude Oil Price: Pressure Under $71.3

At 11:52 GMT, March WTI crude oil price are trading $70.51, down $1.24 or -1.73%. This puts it on track for at least a 1.4% loss for the week. On Thursday, the United States Oil Fund settled at $51.87, up $0.25 or +0.48%.

In the U.S., the rapid spread of the Omicron variant has led some companies to pause plans to get workers back into offices. These new curbs are raising fears of lower fuel demand. Crude oil price have also been pressured this week on forecasts calling for increased supply from U.S. producers.

The main trend is down according to the daily swing chart. A trade through $72.82 will change the main trend to up. A move through $68.98 will signal a resumption of the uptrend. The minor trend is also down. A trade through $72.31 will change the minor trend to up. This will shift momentum to the upside.

Crude Oil Price
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The main range is $80.72 to $62.05. Its retracement zone at $71.39 to $73.59 is resistance. This area is controlling the near-term direction of the market. It stopped the buying at $72.82 on December 9. The minor range is $72.82 to $68.98. The market is currently trading on the weak side of its pivot at $70.90, making it resistance.

The short-term range is $62.05 to $72.82. Its retracement zone at $67.44 to $66.17 is the nearest downside target area. The direction of the March WTI crude oil futures contract on Friday is likely to be determined by trader reaction to $70.90 and $71.39.

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Crude Oil Price: Pressure Under $71.39 Targets $68.98 via @marketinvestor
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