WTI Crude Falls to $77.5 with Demand Uncertainties

On Friday, WTI crude futures fell to around $77.5 per barrel, marking their third straight loss due to ongoing demand uncertainties. Revised data showed US economic growth at a 1.3% annual rate in Q1, down from 1.6%. Comments from a Fed official about potential inflation risks dampened hopes for interest rate cuts. Despite a 4.2 million barrel drop in US crude inventories last week, which exceeded the expected 1.9 million barrel draw, gasoline stockpiles rose by 2 million barrels against a forecasted 400,000-barrel decline, indicating subdued demand before Memorial Day. Investors now await the OPEC+ meeting on Sunday, expecting an extension of supply cuts into 2025. Resistance levels are at 78.30, 79.00, and 80.00, while the support levels are at 77.60, 77.20, and 76.80.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
80.00	79.00	78.30	77.60	77.20	76.80