Reported about 1 month ago
Oil prices have decreased as a technical correction followed a significant three-day rally spurred by disruptions in Libyan oil supplies. West Texas Intermediate crude fell 2.4% to around $75 per barrel after peaking over $77. Analysts indicate that the recent rally may have lost momentum, with the 200-day moving average now acting as a resistance level. Despite the Libyan supply issues, increased global oil supplies and concerns over weak demand, particularly from China, have led to revised forecasts.
Source: YAHOO