Profit-Taking Drops Oil to $80

Renewed concerns over the strength of the global economy had traders taking profits ahead of what some believe could be a pull-back in energy prices. On Monday, crude oil for December delivery was down 32 cents to $80.18 marking the third straight day of falling oil prices.

“It’s profit-taking after the surge in the past week without any change in fundamentals,” said Carsten Fritsch, analyst at Commerzbank, of the price fall.

“There’s more bearish factors than there is support from financial markets,” he said, adding that oil could quickly resume its rally given more support from outside factors such as equities.

Reuters

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.