Crude Oil Down as FED Hikes Interest rates + 0.25 %

As expected, recent OIL weakness received an additional help from the US$ Dollar after the FED increased interest rates 0.25 %.

As a result, the CLc1 future contract broke-down the last 4 days mini-base and is now heading lower to challenge the 44-42 support area.

Chart provided by MetaStock and Thompson Reuters

At the same time, fundamentals are not helping at all, as the market is clearly over-supplied. The increased oil output is now exceeding demand and it’s expected to overcome the projected global demand of 100 mbpd  during 2018.

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