Oil prices continued to decline, despite the rise that occurred yesterday, amid fears of slowing economic growth and reducing demand for oil.
Crude oil prices were subjected to downward pressure today due to concerns about the economic report of the US Federal Reserve’s decision, which is scheduled to be issued this week on Wednesday. It is expected that interest rates will continue to rise by 25 basis points, which in turn reinforces the global economic recession, which will lead to weak global demand for oil. .
Also, among the reasons that contributed to the decline in oil were concerns about the possible repercussions resulting from the continuation of the banking crisis and negative manufacturing data in China, which is the second largest importer of oil in the world.
Despite the decision of the OPEC group to reduce oil production
The United States of America had called on producers to increase production in order to push energy prices down. Experts believe that the OPEC group is trying to maintain the price of $80.
Oil technical analysis
We notice that oil prices have reached the levels of the support area at 73/20 72/28, which are considered strong retracement levels. We expect prices to reach levels of 83/35
