WTI crude oil is currently down 2.65% on the day as Trump's promise to increase oil production and the imposition of 25% tariffs on Canada and Mexico weigh on oil prices.
WTI Crude Oil 15 minutes
Perhaps the biggest concern in the market is a possible trade war. Trade wars are not good because they lead to economic recession which weakens demand. The strength of the US dollar and a possible longer-than-expected stop from the Fed could also keep the downward pressure on the market.
Crude oil per day
Technically, the price failed to go above the key $80 handle recently and fell below the broken broken line which could be a disappointment. There is no real support until the $72 price break.
