WTIUSD

Oil prices are being pressured by strengthening recession concerns following Powell's statements, with the perception that this will reduce oil demand. WTI, trading below the pivot level of 62.347, may see today's weak US economic data deepen these demand concerns and pull prices towards the support levels of 61.079 and 60.018. The impact of the EIA inventory data monitored this week may remain overshadowed by the macroeconomic pressure created by the Fed.