Crude oil prices tumble on market jitters and inventories. (Pivot Orderbook analysis)

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• Crude oil prices tumble on market jitters and inventories.
• Stocks indexes move sharply lower on banking concerns.
• WTI heads for the lowest close since December 2021.

The pair currently trades last at 68.09.

The previous day high was 75.01 while the previous day low was 70.93. The daily 38.2% Fib levels comes at 72.49, expected to provide resistance. Similarly, the daily 61.8% fib level is at 73.45, expected to provide resistance.

Crude oil prices are falling sharply again on Wednesday as markets continue to be shaken by banking-industry concerns. Adding to the downside, the latest EIA weekly reports showed US inventories rose last week.

As of writing, WTI is trading at $67.40, at the lowest level since December 2021, down 5.45% for the day. Since the beginning of the week, it lost 11.5%.

Risk aversion is driving commodities and shares sharply lower on Wednesday. Concerns about the health of Credit Suisse spread fear across financial markets.

Adding weight to Crude Oil prices, the Energy Information Administration (EIA) informed that crude inventories rose by 1.55 million barrels last week, above expectations. It was the eleventh increase in inventories out of the past 12 weeks.

Technical factors contribute to the sharp decline in WTI. The price broke on Tuesday below the critical $73.00 support and on Wednesday fell below December 2022 lows and also cracked the $70.00 mark. The chart shows clearly oversold readings but, so far, no sign of an immediate pause. The next strong level emerges around $66.00/20.

Technical Levels: Supports and Resistances

XTIUSD currently trading at 68.09 at the time of writing. Pair opened at 71.65 and is trading with a change of -4.97 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 76.76, 50 SMA 77.6, 100 SMA @ 79.2 and 200 SMA @ 86.35.

The previous day high was 75.01 while the previous day low was 70.93. The daily 38.2% Fib levels comes at 72.49, expected to provide resistance. Similarly, the daily 61.8% fib level is at 73.45, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 70.05, 68.45, 65.97
• Pivot resistance is noted at 74.13, 76.61, 78.21

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