Crude oil price fell further on growing demand concerns

WTI oil price fell in early Wednesday as unexpected rise in US crude inventories further soured the sentiment on rising demand concerns.

Fresh weakness emerged below the base of rising daily Ichimoku cloud and broke through pivots at $78.16 and $77.66 (100DMA / 50% retracement of $67.70/$87.61 rally) reinforcing bearish signal generated on weekly close below psychological $80 support (also Fibo 38.2% and 200DMA).

The price hit the lowest in almost two months, with fresh acceleration lower signaling continuation of larger downtrend from $87.61 (2024 peak) which paused for a brief consolidation in past three days.

Close below $77.66 to confirm bearish signal and open way towards targets at $75.31/00 (Fibo 61.8%, reinforced by 200WMA / round figure).

Daily studies on daily chart are in full bearish setup, though oversold conditions may slow bears in coming sessions, with limited upticks to offer better selling opportunities.

Only return above $80.00 would sideline bears and generate initial signal of reversal.

Res: 77.66; 78.16; 78.79; 80.00
Sup: 76.78; 75.31; 75.00; 73.54