Oil News: Oil Outlook Hinges on Hormuz as Production Loss Fuels Price Instability
Crude oil analysis shows bearish shift as futures drop on Trump remarks. Supply shock vs oil demand weakness drives uncertain outlook.
WTI Oil Cracks $100 and the Chart Is Sending a Warning
WTI crude oil futures are lower on Wednesday as traders reacted to comments from U.S. President Trump and headlines about the Iran war and the Strait of Hormuz. But the biggest development came from the technical side where sellers not only crossed to the weak side of the psychological $100 support level but also pierced a trendline that had been guiding the market higher since the February 26 bottom at $63.57. If you check the date, you’ll see that this means it has essentially been steering the market higher since the start of the U.S.-Iran war. This could be a significant development but we’ll have to watch for follow-through selling pressure.