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Crude oil on track for a weekly loss of over 5%, weighed by demand concerns

WTI oil price is consolidating for the second straight day after a sharp fall earlier this week, but keeps firm bearish bias below broken psychological $80 level.

Oil is on track for the biggest weekly drop (around 5.6%) in more than three months, weighed by growing demand worries, due to deteriorating geopolitical conditions and prospects for extended period of high borrowing cost in the US, as well as signals that OPEC+ group may extend supply cuts beyond June.

Technical studies are weakening on daily chart, as daily Tenkan / Kijun-sen remains in bearish setup and the price continues to gain negative momentum.

Thursday’s close below $80 pivot (Fibo 38.2% of $67.70/$87.61 / 200DMA / psychological) generated strong bearish signals, which looks for verification on weekly close below this level, to open way for test of targets at $78.02/$77.65 (100DMA / 50% retracement) and key support at $76.85 (base of rising daily Ichimoku cloud).

On the other hand, limited corrective upticks may precede fresh push lower, as day studies are oversold.

Broken supports at $80.00 and $80.50 (daily cloud top) should ideally cap and keep larger bears intact.

Upper pivots lay at $81.38/72 (55DMA / 10DMA respectively) and sustained break of the latter would question bears.

Res: 80.00; 81.38; 81.72; 82.91
Sup: 78.02; 77.66; 76.85; 75.31