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BRENT CRUDE OIL (LCOc1) TALKING POINTS Additional rigs may sustain downside pressure. $90 mark key for weekly close. BRENT CRUDE OIL FUNDAMENTAL BACKDROP Brent crude oil is trading below $90 per barrel after a slew of global interest rate hikes stemming from FOMC on Wednesday. Forward guidance from the Federal Reserve points to further monetary tightening to tackle inflation but adds to pressures on crude oil prices . The hawkish rhetoric also favors an elevated U.S. dollar and considering the traditionally inverse relationship between crude oil prices and the greenback, Brent crude may be vulnerable to additional downside. Later today, we have some key economic data in the U.S. (see calendar below), while oil related news comes via Baker Hughes rig count data which has shown a marked increase last week (in the U.S., Canada and internationally) and anything but a decrease could leave crude oil prices depressed as supply forecasts increase. ECONOMIC CALENDAR Source: DailyFX Economic Calendar TECHNICAL ANALYSIS BRENT CRUDE (LCOc1) DAILY CHART -UNDATED Chart prepared by Warren Venketas, IG Daily Brent crude price action has yesterdays long wick candle (yellow) indication following through to today with the September swing low in focus at 86.98. While it […]
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