The price of oil slips back below the 50-Day SMA ($104.94) as it snaps the series of higher highs and lows from last week. Crude may continue to track the positive slope in the moving average if it manages to defend the monthly low ($100.28).
stick to, and developments surrounding the global economy may sway crude prices as the European Union struggles to a secure a deal in banning Russian oil.
It remains to be seen if the EU will implement more sanctions against Russia as European Commission Presidentphase out Russian supply of crude oil within six months and refined products by the end of the year ,” but the ongoing invasion of Ukraine along with the renewed lockdown in China may keep the price of oil under pressure amid the weakening outlook for growth.price of oil may face headwinds ahead of the next OPEC Ministerial Meeting on June 2 as“world oil demand is projected to average 100.5 mb/d, which is 0.4 mb/d lower than the previous month’s estimates and approximately 0.3 mb/d higher than 2019,”adjust upward the monthly overall production by 0.
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