Analysis of WTI- Crude Oil Plunges to 15-Month Low


 Crude oil trading continues to be under pressure following fresh concerns arising from the Credit Suisse issue.

Credit Suisse's share price plunged more than 20% in its biggest one-day sell-off on Wednesday, prompting investors to worry that the US banking crisis has spread to Europe.

This in turn pushed both Brent crude oil benchmarks and US WTI down significantly by over 4%, before recovering in today's trading session.

The European session saw Brent futures trading at $74 per barrel while US WTI weakened at $67 per barrel.

Examining the movement of the XTI/USD price chart, the price has settled to around 66.00, the lowest level since December 2021.

Continuing today's trading, the price is seen to bounce back to around 68.50, however, it is expected that it will continue to decline lower due to the issues hovering in the market.

If the decline continues, the price may head towards the level around 63.10 which was tested at the end of November 2021.

However, if the price continues to rise, the 72.60 level may be the target to reach, which is the resistance level yesterday (Wednesday).