The oil markets were hit hard last week, sliding lower amid a poor API report on weekly crude oil inventories and by Trump’s sudden trade shift against China. With new tariffs adding concerns about oil demand and the ISM manufacturing worsening, oil prices could dampen lower in the short and mid-term.
WTI Could Break Down to Fresh Lows
With oil prices failing to fall outside the ascending channel investors now will keep a close eye at 54.85 support. The 3-week low at 53.62 will be the next minor support should bulls weaken their bets, but this level could be still a few days out of reach given the stochastic is oversold.
