WTI crude oil falls to the lowest levels since December

Oil started US trading higher after Saudi Arabia raised prices on its barrels but talk of peace in Ukraine and Trump touting lower oil prices as a way to ease inflation has weighed on crude.

That has WTI crude oil trading 56-cents lower to $70.47 and at the lowest levels since December 30.

We could also be seeing some unwinding of flows related to Mexican and Canadian tariffs, something that could have significantly tightened the US market. That said, brent prices are similarly lower today.

What’s next? $70 should provide some support but the real line in the sand is in the $66-67 range, which held multiple times in Q4.

Seasonally, there is a nice tailwind for oil from mid-Feb to the end of June that should kick in soon.

This article was written by Adam Button at www.forexlive.com.