Oil Slides as Demand Weakness Dominates – $45 Support in Focus
Oil prices remain under pressure after breaking the key psychological USD 60 level, a move that has clearly shifted sentiment to the downside. The market is now struggling around the USD 56 zone, which is acting as near-term support. Failure to hold this area could open the door to a deeper sell-off.
Fundamentally, demand concerns continue to dominate. Economic data from major consumers points to slowing growth, with weak manufacturing activity and softer transport demand weighing on crude consumption. Even a weaker U.S. dollar has failed to provide support, underlining how fragile demand expectations currently are.
Additional pressure comes from the supply side. High U.S. production levels and resilient shale output are keeping the market well supplied, while inventories have remained elevated. OPEC+ discipline is being questioned by traders, especially as some members continue to exceed production quotas. At the same time, reduced geopolitical risk premiums are removing another layer of support that previously held prices higher.
From a technical perspective, momentum remains bearish after the break below USD 60. If the market fails to stabilize above USD 56, the next major support does not appear until the USD 45 zone. Unless demand expectations improve meaningfully or supply tightens, oil prices may remain under pressure in the near term.
Major next levels, where the market might turn bullish again can be seen in the boxes in the chart. Prices might eventually slide down towards the USD 15 level, as the market has not traded around that zones for a long time.
Fundamentally, demand concerns continue to dominate. Economic data from major consumers points to slowing growth, with weak manufacturing activity and softer transport demand weighing on crude consumption. Even a weaker U.S. dollar has failed to provide support, underlining how fragile demand expectations currently are.
Additional pressure comes from the supply side. High U.S. production levels and resilient shale output are keeping the market well supplied, while inventories have remained elevated. OPEC+ discipline is being questioned by traders, especially as some members continue to exceed production quotas. At the same time, reduced geopolitical risk premiums are removing another layer of support that previously held prices higher.
From a technical perspective, momentum remains bearish after the break below USD 60. If the market fails to stabilize above USD 56, the next major support does not appear until the USD 45 zone. Unless demand expectations improve meaningfully or supply tightens, oil prices may remain under pressure in the near term.
Major next levels, where the market might turn bullish again can be seen in the boxes in the chart. Prices might eventually slide down towards the USD 15 level, as the market has not traded around that zones for a long time.
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน