The post Crude Oil takes a knee for a third straight day, WTI taps $76 appeared on BitcoinEthereumNews.com.

Crude Oil markets eased for a third consecutive trading day. Monday sees further price declines in fossil fuel barrels. US production growth is expected to continue slowing. West Texas Intermediate (WTI) Crude Oil prices eased for a third straight session on Monday, kicking off the new trading week with a fresh test of the $76/bbl handle. Despite newly-minted President Donald Trump’s insistence that he’s going to create a mandate that will push US Crude Oil producers to ramp up production, slowing growth in that exact space remains subdued as energy producers focus on returning profits to investors instead of going broke on behalf of the US government. Despite lofty promises from the new US administration, major financial institutions are bracing for Crude Oil prices to continue easing moving forward. Median forecasts are predicting WTI barrel bids will sink to below $60 per barrel by the halfway point of President Donald Trump’s term. Global demand continues to undershoot lofty expectations that were set in 2023 and 2024, and investors are scrambling to walk back their expectations of global demand for energy that has thus far failed to materialize, specifically in mainland China despite the country perfectly nailing overall economic growth mandates established by the government, almost to a suspicious degree. Crude Oil price forecast After spending most of the fourth quarter battling it out in a rough technical range cycling the $69.00 handle, WTI prices surged to kick off the 2025 trading season, peaking a little over $79.00 per barrel. US Crude Oil bidding action has eased off the pedal, capping gains and chalking in a three-day losing streak as price action falls back toward the 200-day Exponential Moving Average (EMA) near $73.50. Despite a near-term swing into a pattern of higher lows, a lack of a sustained pullback and ongoing…

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Filed under: News - @ January 20, 2025 11:25 pm