WTI crude weakens as Powel’s hawkish comments sparked concerns of recession. The price has turned south after coming close to the top (82.00) of the four-month long consolidation. A fall below the first support of 78.50 triggered a liquidation and the base of last week’s momentum at 76.00 saw timid buying but was not enough. The price is heading to the daily support of 73.80, putting the commodity at the risk of a bearish continuation in the medium-term. 78.00 is the immediate resistance in case of a bounce.
