Oil heading for biggest weekly drop since April 2020

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

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

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