Crude oil under pressure, but $70 level remains intactCrude oil is under pressure as political narratives drive it lower. The $70 area is a fair price according to the supply/demand estimate from the Energy Administration of the United States.
The sentiment still remains to stay negative and is pressured down by tariff talks and meltdown in other markets. So, we can expect USOIL to hit a new low, but this action probably won’t last long, as the $70 level remains to act as a magnet for the price. Unless new loud political statements are being made and no unexpected surprises from the PCE index are delivered, USOIL would rotate around the $70 area, staying in the consolidation.
This is just the idea, always do your own research and never forget to manage your risk at all times!
