🛢️ Why Crude Oil Dropped from 93.20 to 89.13 📉
📉 Total Move: 407 Cents (93.20 ➝ 89.13)
🔍 Fundamental Reasons
🇺🇸 Stronger U.S. Dollar reduced demand for dollar-priced crude.
🛢️ Concerns over higher global oil supply (OPEC+ output expectations) pressured prices.
📉 Weak global demand outlook, especially from China, raised fears of slower oil consumption.
📦 Profit booking after the recent rally accelerated the sell-off.
🌍 Easing geopolitical risk premium reduced fears of supply disruptions, weighing on crude prices.
📊 Technical Reasons
🔻 Strong rejection from the 93.20 resistance zone.
📉 Breakdown below key support triggered fresh selling.
⚠️ Bearish momentum increased as buyers failed to defend higher levels.
💰 Sellers remained in control, pushing prices toward major support zones.
farah khan