Crude oil continues to fall, where will it stop?

After the recent bankruptcy of Bank of America, the pessimism of global investors lingered, and the increase in API crude oil inventories was greater than expected. It is expected that oil prices will still be at risk of further decline in the future.

In the trend of crude oil, the short-term decline continued during the day. The current lowest point during the day reached near 69.82, which broke the support near 70.09 at the bottom of the shock box for the past four months since December 9, and fell below the 70 integer mark, which means that oil prices have broken the shock trend for the past four months and have the possibility of accelerating the decline. Once it is established that the fall below the 70 mark is effective, further strong support refers to the low of 66.15 on December 20, 2021 and the low of 62.46 on December 2. Near the position.

In addition, this trading day also needs to focus on the EIA crude oil inventory series data and the IEA monthly crude oil market report.

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Comment:

What do you think about the crude oil market

Comment:

Crude oil is currently below the 70 mark, trading around the 68.9 line

Comment:

The U.S. EIA crude oil inventory data for the week was released as 1.55 million barrels, which was higher than the expected value of 1.188 million barrels, which was bearish for crude oil.

Comment:

Crude oil is currently trading near the 68 position

Comment:

The lowest price of crude oil reached around 65.7, and now it has rebounded to around 68. Is it stable?

Comment:

Crude oil came below 70, has it stopped falling?