Oil Flips to Loss As Key Technical Level Tests Bulls’ Resolve
- WTI settles under $80/bbl after testing 100-day MA at $82/bbl
- The rapid economic recovery in China emboldens oil bulls
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Bulls approached and quickly withdrew from oil’s 100-day moving average, driving crude to its first weekly loss since the start of the year.
West Texas Intermediate shed 2% this week with much of that retreat occurring on Friday. Throughout the week, oil rallied on optimism driven by China’s gathering rebound only to swing as risk-off sentiment descended upon broader markets amid uneven corporate earnings and lingering questions over how the Federal Reserve will react.