WTI Crude oil trade analysis

Oil prices are falling due to US Consumer Price Index (CPI) data. Both headline and core inflation data were stagnant, suggesting that U.S. inflation is not accelerating or declining rapidly, while inflation is falling in Europe and other major regions. The outlook for oil in 2024 is bleak as the supply glut is too large to be replenished in the short term.
Judging from the daily chart of crude oil, since the second rebound failed in late October, oil prices have continued to fall, eventually forming a downward trend. Oil prices have hit August lows of 77.80. Oil prices showed a slight fluctuation pattern around the low point, forming a flag-shaped relay pattern. Oil prices managed to break below the lower edge of the flag pattern and followed the trend downward towards the flagpole. In the medium term, oil prices are expected to rebound. to around 65.

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