WTI Crude Oil Losing The 45.00 Handle

wti crude oil

Oil prices are trading weaker on Tuesday. The declines come despite the US dollar taking a strong hit.

The move to the downside comes after oil prices failed to make any big moves to the upside.

As a result, WTI crude oil was consolidating around the 45.00 level for a considerable period of time.

After losing this handle, oil prices are likely to push lower. The next key support is near the 43.50 level.

However, we expect the pullback to see prices retracing the 45.00 handle.

If resistance is firmly established here, then we could expect to see further declines down to the 43.50 level.

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About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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