Top
image credit: Adobe Stock

Oil Prices in Freefall, On Cusp of Breakdown, USD/CAD Buoyed by Market Mayhem

May 2, 2023

Via: DailyFX

Crude oil surged in early April following OPEC+’s unexpected announcement to cut production to stabilize energy markets. The decision briefly carried WTI futures to their best levels since November 2022, but the bullish impetus faded quickly when prices were unable to clear cluster resistance in the $83.50 area.

The chart below shows how oil has pulled back aggressively in recent weeks after its failed attempt to recapture its 200-day simple moving average. In fact, the sell-off accelerated today when the $74.00 barrier was taken out, a move that pushed the commodity to its lowest point since late March.

Read More on DailyFX