WTI oil below $80 per barrel

Oil prices fell sharply at the beginning of the US session. It seems that the release of PCE inflation report, which showed rising price pressure, rather reduces the chances of another "pivot" from the Fed.

In addition, it is worth noting that there have been speculations that OPEC + is to discuss a reduction of the production target by 0.5-1.0 million bpd next week, which may be a slight disappointment, taking into account earlier speculations regarding a cut of 1 million bpd.

OIL.WTI price is testing major support area around $80.00 per barrel. If current sentiment prevails, then downward move may accelerate towards recent lows at $76.20. Source: xStation5