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Oil Prices Struggle to Find Footing, but the Medium-Term Outlook Remains Bullish

May 10, 2022

Via: DailyFX

Crude oil prices (WTI) prices started the week on the back foot and suffered their biggest drop since late March, down more than 6% intraday, weighed down by demand concerns on account of the lockdowns in China and growing speculation that the world could be heading towards a recession. On Tuesday, selling pressure eased in the early trade, but picked up again in the afternoon, with WTI futures down more than 2.5% to ~$100 per barrel, as traders remain reluctant to jump back in to take on long positions with many unknowns still lingering.

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