Crude oil markets were hit with selling pressure. Russian supplies face a new Western ban on supplies from the country. Stronger-than-expected US economic data ramped up fears of persistent inflationary pressures, which could keep interest rates elevated for longer than expected and weigh on oil prices.
US Oil – 4 hourly Chart
Crude oil prices failed to continue upward and fell near $5 from $82.7 on Monday. Technically, the oil price is below the 10 and 20-day moving averages in the 4-hour chart. Both moving averages have turned into resistance and will test $75 support. Suppose its price breaks; it will see a low of $73.60 at the end of November. Conversely, the oil price, secured at $75, will be bound back to the upper moving average around the $79 level.