CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Oil heading for biggest weekly drop since April 2020

16:11 17 March 2023

Oil is having another bad day with both Brent (OIL) and WTI (OIL.WTI) trading over 2% lower on the day. Overall risk-off moods, triggered by turmoil in US and European banking sectors, is a key drive of the move lower this week. However, there was also some more oil-specific news that could further magnify pressure on crude prices. US oil inventories data showed another higher-than-expected US oil inventory build this week. Apart from that, some analysts pointed out that the United States is unlikely to begin refilling its Strategic Petroleum Reserve in the second quarter, which may also add to pressure as it means that this source of significant demand will not materialize in the coming months.

WTI is heading for the biggest weekly price drop since April 2020. Source: Bloomberg, XTB Research

Start investing today or test a free demo

Open real account Try demo Download mobile app Download mobile app

OIL.WTI trades over 2% lower and tests a medium-term support zone ranging around $67 per barrel. WTI reached a fresh 15-month low today. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back