WTI OIL price falls further on growing demand uncertainty

WTI oil price fell further and hit two-week low on Monday, as fresh weakness after last Thursday’s strong upside rejection and bull-trap above 200DMA extend into third straight day.

Last week’s recovery attempt stalled as markets were disappointed by the size of the latest OPEC+ supply cut, while persisting uncertainty over global oil demand and growing risk of supply disruptions on renewed conflict in the Middle East, added pressure on oil prices.

Daily studies weakened as fresh price drop left moving averages in bearish configuration, while south-heading 14-d momentum has established in the negative territory.

Bears probe again through cracked Fibo support at $73.62 (76.4% of $67.02/$95.00) which recently contained several attacks, with sustained break here to retest key support at $72.36 (Nov 16 new multi-month low).

Falling converged 10/20DMA’s ($75.90/$76.23 respectively) should cap upticks and keep fresh bears intact.

Only sustained break above 200DMA ($78.03) would sideline bears and expose upper pivot at $80.00 (psychological).

Res: 75.00; 75.90; 76.23; 77.71
Sup: 73.62; 72.85; 72.36; 71.73