wave count update 1 hour hello traders
a new update of usoil one hour chart is here as a technical view but as fundamental view
fed rate hikes tend to drive down demand. And its worries about lower demand that are weighing on crude oil prices. However, the selling pressure is likely to be limited because the supply outlook is still tight. The key support area on the September WTI crude oil chart that must hold is $89.54 to $82.80.
Any supply disruption especially in Europe due to the war could turn this market higher easily. However, there is factor that could put additional pressure on prices. That is the Iran Nuclear Agreement. This will bring new supply to the market.
