After gaining bullish momentum, West Texas Intermediate (WTI) oil made a stunning drop in light of a flood of travel bans issued on Friday, in attempts to curb the spread of the new Coronvirus variant, dubbed “Omicron”. Breaking past three key support levels in a price drop of over 12%, the commodity which was once highly priced due to the growing demand as travel restrictions from the pandemic started to ease has once again found itself back to pre-pandemic levels.
- Should many other nations follow suit, there is potential for a bearish return on the instrument.
- However, the price may being to range within the upcoming week.
