The increase in global economic drawdown has not spared crude oil, it's effect has affected crude oil price direct or indirectly. The commodity prices keep going down in respective of the prospect of strong supplies on OPEC and supply cut.
The drop in crude oil, Brent price has continued for some months as a result of demand and supply chain for the commodity.
Speculated fears with respect to global recession, weak economic activities affects the commodity pricing. Investors fears and sentiment also indirectly slow down demand for crude oil and Brent with it's effect on the commodity pricing.
If central banks around the world push up or increase interest rate in order to handle high inflation, this could motivate major oil importing nations to sort for crude oil and Brent putting the commodity on its demand list.
crude oil pricing has been affected greatly by the world economic data and central banks intervention. Also china's demand for crude oil has impact on the commodity price level.
The price for crude oil and Brent continue to drop. Can crude and Brent price fall through the 63.50 price zone.
Crude oil came to the 64.42 price point on a bearish movement and later took a bullish move hitting the 83.20 price point. This happen on 2023 04 12 and broke down to 63.85 price point.
crude oil and Brent price is heading to the down side, the possibility crude going down through the 63. 85 pricing depends on the low demand to supply force that fuels it's bearish movement or will take a strong bullish move breaking through 83.20 price level. This can be true for increased demand for the commodities.
World economic growth activities will impact on crude oil and Brent price.
If the demand for this commodities increase and quality product are made available by producing nations responding to importing nations demand, this will result to a good bullish outlook for the commodities.
The commodity can take a bullish movement breaking the 83.20 price level if the demand for crude is strong.
A high demand from countries importing crude oil and Brent for use will bust it's value, increasing the price for the commodities.
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