Oil Market Update: Bearish Trend ContinuesOil Market Update: Bearish Trend Continues
The oil market is currently facing a bearish trend, with prices experiencing a significant decline. The highest price was recorded on January 15th at $80.73 per barrel, and it has since dropped to $74.50 per barrel, representing a depreciation of nearly 8.5% over about 9 days
Technical Analysis:
Technically, the price decline has broken several support levels, confirming the bearish trend. The next potential targets for the oil price are $73.00 and $71.30, which are critical support levels.
Key Factor Driving the Decline:
U.S. President Donald Trump demanded OPEC lower oil prices and the world drop interest rates in a speech to global business and political leaders and warned them they will face tariffs if they make their products anywhere but the U.S.
You may find more details in the chart!
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