⚠️BREAKING: *OIL PRICES PLUNGE 4% AS U.S. CRUDE FALLS BELOW $70 ON ECONOMIC WORRIES $CL_F OOTT
Investing.com -- The selloff in oil isn't ending, and it might not really until the market hears the Federal Reserve's latest take on US interest rates.
"The US may be heading for recession and they may not be alone which doesn't bode well for crude demand.", for June delivery was down $3.36, or 4.7%, to $68.31 per barrel by 11:23 ET . The session low was $68.28. "If selling intensifies, the decline in WTI can extend to the 200-week SMA of $67," Dixit said, referring to the Simple Moving Average."But there's also the chance of a recovery towards the $71.80- $72.60 levels as the market is quite oversold as it is."for July delivery was off by $3.30, or 4.4%, to $72.02. The session bottom was $72.
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