WTI Price Action Week of 3/22-3/26

March 26, 2021
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Prompt-month contract rolled from April to May
Continued demand worries and possibly a continuation of speculator exits sent WTI down 6.5% on Tuesday
WTI crossed over the 50-day moving average. This bearish technical move increase selling pressure
The blockage at the Suez Canal, a major commodity waterborne route, caused oil to rise
The dollar reached a 4-month high. This was a driver for Thursday’s price weakness

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