Oil dives amid recession fears and weak macro data 📌
Concerns about the global economic slowdown drove down oil futures prices:
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Crude oil is heading for its first weekly decline since April as investors weigh the prospect of further monetary tightening by central banks.
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Analysts, including Callum MacPherson of Investec, point to deteriorating fundamental conditions for further 'black gold' price increases.
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USA intends to maintain sanctions by limiting the export of crude oil and petroleum products from Iran. According to analysts, the oil market must now focus on 'profitability'
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The reading of data on industrial production below expectations (0.2% vs. 0.4% expected) caused an increase in concerns about the economic recession.
OIL.WTI chart, D1 interval. US WTI prices are losing over 4.8% today and are falling near the level of 109 USD per barrel. From a technical point of view, "black gold" breaks below the 50-day exponential moving average (blue curve). Source: xStation 5
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