WTI extends losses below $80.00 on buoyant US Dollar, China’s Covid woes – by christianborjon Oil WTI Energy Macroeconomics Technical Analysis
Factors like ongoing China’s Covid-19 outbreak and reports emerging during the week for increased crude output keep the WTI price stable. At the time of writing, WTI exchanges hands around $77.46 PB
Newswires reported that cases peaked around 31,987 on Thursday, up from Wednesday’s 29,754. At the beginning of the week, Chinese authorities revealed measures to relax Covid-19, aiming to be less restrictive. Still, officials in some cities are again reimposing stricter measures and ordering lockdowns as they scramble to suppress the virus.
Additionally, the US Dollar appreciated Friday as some short covering speculation surrounded the market.WTI Price Analysis: Technical outlook
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