CL New York Oil – Oil prices are under pressure, constrained by the strong US dollar and the global economic outlook

Oil prices fell on Thursday after policymakers from the Federal Reserve and the European Central Bank expressed caution about further easing monetary policy, fuelling concerns that weak economic activity could dent oil demand next year. U.S. crude oil futures for January fell 67 cents, or 1%, to $69.91 a barrel; U.S. crude oil futures for February fell 64 cents to settle at $69.38 a barrel. The Federal Reserve cut interest rates by 25 basis points on Wednesday as expected, but Chairman Jerome Powell warned that stubborn inflation will make the Fed more cautious about cutting rates next year. Energy transition measures have also dealt a heavy blow to demand in China, the world's largest oil importer. China's oil consumption is expected to peak in 2027 as fuel demand weakens, Sinopec said on Thursday.

As can be seen from the technical chart, the resistance level is 70 and the 100-day moving average of 71.30. Obviously, it has been below the 100-day moving average for several days this week. The high of 72.88 on November 7 will be regarded as the neckline. If the market can Breaking through this area means that the triple bottom pattern formed in recent months is established. Based on the golden ratio, the 50% and 61.8% rebound levels are seen at $72.55 and $73.95. The 250-day moving average of 75.90 is another key reference. Support levels are expected to be $69 and $68.20, with the next level expected to be the November low of $66.61 to $65.

Estimated volatility:
Resistance 70.00 – 71.30* – 72.88 – 73.95 – 75.90
Support 69.00 – 68.20 - 66.61 – 65.00

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