The price of Crude Oil has rampaged higher as supply fears grew after Russia invaded Ukraine. However, today the price fell nearly 14% showing the volatility in the market.
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WTI CRUDE OIL Analysis
The price of oil has rallied significantly higher recently due to the growing supply concerns since Russia invaded Ukraine. Russia produces a significant amount of oil, natural gas and coal and exports it to many countries including many in Europe. This fear of a supply squeeze saw the price of Oil break above $129.00 per barrel.
However, despite all the supply fears we saw the price of Crude Oil fall around 14% in one day as the international energy agency commented saying they will help to try and control oil price by supplying more barrels. If this momentum is going to continue we could see short selling opportunities form.
Looking at the 4hr chart we can see that the price has recently formed a new low. This is a sign that the market could begin to reverse and that we can look for short opportunities at key supply zones. The recent highs could be the area to watch as this was where the selling pressure originated from.
Have you seen our EURUSD analysis? you can see it here.
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