According to Jinshi Data, WTI crude oil fell below $75 per barrel, hitting its lowest intraday price since June 6. Technical indicators show that the crude oil sell-off may be overdone.
The outlook for crude oil demand is unstable, with a slew of key market data to be released this week, including U.S. EIA inventory data and an OPEC+ meeting. The market is divided on whether OPEC+ will increase production as planned.
Markets are anticipating the Federal Reserve to move closer to cutting interest rates. Technical traders have exacerbated oil’s recent slide, with fund managers slashing their net bullish bets last week and cutting gasoline positions to the lowest in four years.
