Oil Prices Fall on Covid Fears in China and U.S. Inventory Build | WTI Oil News & Chart Analysis

Oil prices have been falling throughout the week. Adding to recession fears and China’s covid policy, this week an rise in crude oil inventory in the U.S. has also dampened the mood for bullish oil traders.

The most impactful oil news today was that U.S. crude oil inventories were up with 5.6 million barrels compared to last week’s data. This is over four million barrels than expected by analysts.

At the time of writing the U.S. West Texas Intermediate (WTI) crude chart shows a 0.8% drop to $88.15. This comes on top of a 3% drop yesterday. Make sure to check the support and resistance levels for oil that we include around the 8 minute mark of the video to get an idea of what could potentially be next for oil prices.

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Chapters
00:00 Intro
00:27 Oil price analysis and news update – Inventory build in U.S., China covid lockdowns still relevant
08:18 updated Oil price support and resistance for November 2022
09:19 updated Oil price technical analysis for November 2022
10:51 Recap

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