WTI Crude Oil Continues to Drift Lower CrudeOil crude oil Oilprices forex forextrading
The Thursday session saw the market close a little bit lower, but it looks as if it is trying to stabilize after that massive 12% drop during the previous session. That being said, this is a market that desperately needed this type of pullback, so I think it is actually a bullish thing by the time it is all said and done.
The $100 level underneath should be supported, and I think that is basically where you define the overall trend. As long as we can stay above $100 a barrel, it is likely that the markets will continue to find buyers, and therefore dips should be thought of as a potential value play. Granted, that was a very nasty fall during the Wednesday session, but that does not necessarily mean that the trend is over. Oil will continue to be volatile, especially considering that part of what is driving it at the moment is a war in Ukraine.
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