Crude oil prices fall in European trading
West Texas Intermediate (WTI) crude oil prices fell on Friday during the early European session. WTI traded at $58.18 per barrel, down from Thursday’s close of $58.66. Brent crude also lost ground, trading at $62.16 compared to the previous daily close of $62.60.
Analysts highlight that today’s decline is largely driven by concerns over weakening global demand. Recent data from Europe and Asia point to slowing economic growth, which has dampened the outlook for energy consumption. Rising crude inventories in the United States last week added further pressure on prices.
The strengthening United States Dollar is another factor weighing on oil. With the Federal Reserve expected to keep interest rates restrictive, the Dollar Index remains near multi‑month highs. Since oil is priced in dollars, a stronger currency makes crude more expensive for holders of other currencies, limiting demand.
From a technical perspective, WTI broke below short‑term support at $58.50, signaling further downside. The 4‑hour Relative Strength Index (RSI) has slipped below 45, indicating bearish momentum. If the decline continues, the next support lies near $57.80, followed by October’s low at $57.20. On the upside, resistance is seen at $59.00 and then $59.80.
Summary:Crude oil prices opened lower in Europe on Friday, pressured by global demand concerns, rising United States inventories, a strong dollar, and uncertainty over OPEC+ decisions. Traders now await fresh economic data and signals from producers to gauge the next direction for WTI and Brent.