Market Updates: Oil drops 2%, below $48 on oversupply – What’s the next support?

Crude oil trades at  $48.45, down - 3.45%. In case you are wondering, the immediate support can be found near $47.25 and oil can bounce...


Just a few minutes ago, WTI crude oil prices took a dramatically bearish turn to fall more than 2%. It’s been falling for a third consecutive session over reports of growing inventories and forecasts of record output from the United States and Russia.

At the moment, the WTI crude oil trades at $48.45, down – 3.45%. The immediate support can be found near $47.25 and oil can bounce off above this level today.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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