Selling pressure emerges with Trump's sanctions strategy 📉
OIL.WTI edges down 2% as markets expect Donald Trump to alleviate the new sanctions on Russian crude oil exports, imposed last week by the Biden administration.
Prices eased from recent highs near $80 per barrel following sanctions that blacklisted 183 tankers linked to Russian crude exports. Trump’s advisers are crafting a strategy that could ease restrictions on Russian oil as part of potential peace negotiations to end the war in Ukraine. While the market has started the year with strong gains, analysts expect prices to face downward pressure throughout the year due to subdued global demand growth and ample supplies.
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After almost hitting the most recent support of around $77.40 per barrel, OIL.WTI eased down a considerate portion of last hour’s losses, currently trading between 50 and 61.8 levels of Fibonacci retracement. The RSI has just escaped the overbought area, underlining the fundamental selling pressure. Source: xStation5
US crude inventories dropped for the eighth consecutive week to the lowest since April 2022. Source: Bloomberg Finance L.P.
