Global demand continues to slow
The price of WTI crude oil futures are settling at $22.60. That is a decline of $1.89 or 7.72%. The high for the day reached $24.65. The low extended to $22.38.
IEA chief Fatih Birol said demand may fall as much as 20 million barrels per day. There is no solution coming from the supply front.
Technically, the price remains below its 200 hour moving average currently at $25.25. The price has not been above that moving average since February 24 (when the price was way up at $52). The late day sell off also push the price away from its 100 hour moving average currently at $23.83. If the price is to move higher and improve the technical picture, getting back above the 100 hour moving average and 200 hour moving average would be needed.