Location & Language

Zenfinex Global Limited regulated by the Financial Services Authority (FSA) of Seychelles (SD092)

Oil Price Movements and Developments

Oil prices dropped to $68.37 on Wednesday, March 5, 2025, marking their lowest level since December 2021, currently trading near $70. Oil prices have declined by approximately 6% since the beginning of the year, amid prevailing uncertainty in the oil market, which is influenced by various factors.

The decline is attributed to several key factors, including:
• Market oversupply.
• Concerns over a potential economic recession in the United States, especially with the recent slowdown in some U.S. economic indicators, such as the labor market and inflation, in addition to Trump’s statement that the U.S. economy is undergoing a transitional period.
• The gradual resumption of oil production by the OPEC+ group starting in April.
• Tariffs imposed by Trump on certain countries such as Canada, Mexico, and China.
• A rise in U.S. oil inventories, which increased by approximately 3.614 million barrels, exceeding expectations (0.600 million) and the previous reading (-2.332 million).
• Weak economic data from China, such as the annual Consumer Price Index (CPI), which contracted by 0.7% in February, marking its lowest level in 13 months, along with continued contraction in the Producer Price Index (PPI), which recorded -2.2% in February.

From a technical perspective, crude oil prices are currently trading below the 50-day moving average (blue) at $75.65 and below the 20-day moving average (gray) at $72.93. Additionally, the bearish crossover or “death cross” remains in place between the 20-day and 50-day moving averages, which may indicate a continued downward trend in crude oil prices.

As for the Relative Strength Index (RSI), it currently stands at 33 points, signaling bearish momentum for oil prices. Moreover, the MACD indicator shows the blue line below the signal line (orange), further reinforcing the continuation of negative momentum in crude oil prices.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.

Back

Popular Posts

Bitcoin Holds Above $100,000 Amid Strong Bullish Momentum

Decline in USD/DKK Pair to Lowest Level Since September 17, 2021

Bullish Momentum for EUR/USD: Reaching the Highest Level Since September 15, 2021

U.S. Dollar Falls to 7-Month Low Against Chinese Yuan

Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit.

Here are some related articles you may find interesting:

Market Insights​

July 4, 2025

Bitcoin Holds Above $100,000 Amid Strong Bullish Momentum

Bitcoin prices have remained above the key psychological level of $100,000 since May 9, 2025, despite briefly dipping below it once on Sunday, June 22,...

Market Insights​

July 3, 2025

Decline in USD/DKK Pair to Lowest Level Since September 17,...

The USD/DKK exchange rate continues its downward trend, reaching 6.3068 two days ago — its lowest level since September 17, 2021. The pair has dropped...

Market Insights​

July 2, 2025

Bullish Momentum for EUR/USD: Reaching the Highest Level Since September...

The EUR/USD pair reached 1.1830 yesterday, Tuesday, marking its highest level since September 15, 2021. It has risen by nearly 7% from the low recorded...

Market Insights​

July 1, 2025

U.S. Dollar Falls to 7-Month Low Against Chinese Yuan

The USD/CNH exchange rate dropped to 7.1520 on Thursday, June 26, 2025 — its lowest level since November 8, 2024. The pair is currently trading...

Ready to Elevate Your Trading Journey?

Open a Taurex account and start trading today.

We’re Sorry

Access to tradetaurex.com
is unavailable in your region

tradetaurex.com is required to abide by global laws and therefore the information on this site is not directed at residents of the United States, Canada, North Korea, Iran, Myanmar, Belgium, Spain, France, Japan, South Korea or any particular countries and is not intended for distribution to, or use by, any person in an country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Live account Registration

1 Hour Trading Consultation

Chat on WhatsApp