On Wednesday, West Texas Intermediate (WTI) crude oil fell below $76 a barrel, breaking through its 200-day moving average, which had served as a strong support level since mid-July. This decline was driven by concerns of a global demand slowdown outweighing supply worries.
Oil prices are currently on a downward trend, heading for their third consecutive week of losses and reaching levels similar to those observed in mid-July. Since reaching highs in September, crude oil prices have dropped by 20%, entering what’s often referred to as a bear market.
