November 26, 2022

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Oil down slightly to start the new week

1 min read

Oil is down 1.5% to around $72.80 currently

Price is seeing a bit of a pullback after testing $74.00 on Friday last week, falling off by over 1.5% so far today to around $72.80 at the moment in European trading.Invest in yourself. See our forex education hub.

Reports are citing softer growth expectations from China, after flailing PMI data since the weekend here and here. But I’d pin this more to just some light selling amid a continued bounce since finding a bottom two weeks ago just below $66.

Looking at the charts, we are testing key near-term levels again as price dips back towards the 100-hour moving average (purple line) @ $72.71. Keep above that and buyers will still hold a more bullish near-term bias but break below and the bias turns more neutral.

There is minor support below that around $72.50 before getting to the 200-hour moving average (green line) @ $71.65. Despite the light drop today, sellers will have to get through the latter to really suggest any material shift in the recent momentum in oil.

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