From a technical perspective, crude oil broke the rising wedge formation (weekly chart) and retested it, plus it looks like it finished 5 waves up. Thus I think it is time to see a correction towards $70.00 as our first target. Breaking this level may lead to an extended correction towards retesting the previous wave 4 at $57.23.
But what will be the fundamental news behind this drop? OPEC deciding to increase supply? or sudden rate hikes?
But what will be the fundamental news behind this drop? OPEC deciding to increase supply? or sudden rate hikes?