[VIDEO] WTI crude oil down for 5th consecutive day!
Joe Perry March 18, 2021 6:39 PM
WTI Crude Oil is down over 5% today alone and down over 7% for the week.
WTI Crude Oil is down over 5% today alone and down over 7% for the week. With an increase in supply from the EIA numbers on Wednesday and fears that Europe is now entering a 3rd wave of the coronavirus, which would slow demand, it’s no surprise that price has pulled back a bit.
On the daily timeframe, as long as the price of WTI crude oil stays above the 38.2% Fibonacci retracement level from the November 2nd lows to the March 8th highs near 55, it is still considered bullish. However, if coronavirus variants begin raging outside of Europe, watch for price to move lower as fears of lower demand may sweep through the market.
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