Following the US CPI inflation reading for February, which increased at an annualised 6% pace, in line with predictions and down from 6.4% in January, oil prices are falling in noon trading.<\/p>\n\n\n\n
Inflation in the United States remains far over Fed\u2019s target, raising the possibility of a recession, particularly in light of ongoing banking sector worries that are posing a threat to GDP and demand-driven commodities like oil.<\/p>\n\n\n\n
WTI crude oil is down by almost 4% on the day presently and printing fresh session lows in New York at the time of writing at $71.58 per barrel. The daily charts display the price fluctuating laterally between a wide range of $70.10 to $83.32, in a succession of lower highs. Above $77.50, there is a price imbalance that is in the grey area; nevertheless, momentum is with the bears below $74.80, and liquidity is calling below $70.10.<\/p>\n\n\n\n
Being on the backside of the bearish trend, though (broken bear trendline), this may be a phase of accumulation and a clearing out of stale stops below $70.10 may result in an increase in demand in the future. The bears are in charge, though.<\/p>\n","protected":false},"excerpt":{"rendered":"
Following the US CPI inflation reading for February, which increased at an annualised 6% pace, in line with predictions and down from 6.4% in January, oil prices are falling in noon trading. Inflation in the United States remains far over Fed\u2019s target, raising the possibility of a recession, particularly in light of ongoing banking sector …<\/p>\n","protected":false},"author":13,"featured_media":61009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8162,7987,6909],"class_list":["post-81485","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-banking-sector","tag-cpi-data","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81485"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81485\/revisions"}],"predecessor-version":[{"id":81488,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81485\/revisions\/81488"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61009"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}