Everything you Need to Know About Trading WTI Crude Oil Today
Oil market turned bearish over signs that an economic slowdown in China was spreading.
The WTI crude oil trades bearish at 53.27, down -1.42% on the back of a series of bearish fundamentals, such as:
1 – Oil market turned bearish over signs that an economic slowdown in China was spreading.
2- China’s GDP figures fell from 6.5% to 6.4% which fuel concerns that the world’s second-biggest producer may not hike the demand for crude oil.
3- The IMF forecasts a 3.5% growth rate worldwide for 2019 and 3.6% for 2020. Those are 0.2 and 0.1 percentage points, respectively below its last forecasts in October. Slower economic growth means less demand for crude oil. It’s also weighing on the crude oil prices.
Support Resistance
53.01 54.55
52.03 55.12
50.49 56.66
Key Trading Level: 53.58
WTI Crude Oil – Trade Plan
Speaking of the trade plan, crude oil is likely to stay bearish below $53.60 with a target of $52.30 with a stop above $53.90.
Good luck!
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