Technical analysis: on the daily time frame oil has broken the down trend; and pulled back to test that area again. Also creating a double bottom as well. On the 2hr timeframe at around 98.00 oil is sitting at the neckline of a minor structure double bottom; also at the top of the demand zone. Waiting for confirmation to sell down into a pullback down to 96.00 area if it does not break the demand zone around 99.00. If it does break the price 99.00 wait for a retest then enter for the continuation buy to next resistance area $101.00
Fundamental: Fed decided to do an interest rate hike at 1300 of 75 basis points. The hike in interest rate brings on fears of a dent in fuel demand. Recession fears have also caused oil to fall for the past few weeks. Weekly jobless claims have hit five month highs which is signs the economy is not in good shape.
Fundamental: Fed decided to do an interest rate hike at 1300 of 75 basis points. The hike in interest rate brings on fears of a dent in fuel demand. Recession fears have also caused oil to fall for the past few weeks. Weekly jobless claims have hit five month highs which is signs the economy is not in good shape.