Crude Slides to Yearly Lows 5/31/2023

WTI Crude oil futures slip to yearly lows around $67 dollars/barrel amid mixed economic sentiments globally. Demands from Asian markets for the commodity sends alarming signals of a slowdown in production. Another key indicator stimulates from Russian-Saudi tensions amid OPEC's meetings. Saudi Arabia expressed its concerns with Russian authorities for failing to comply with production cuts. New Russian deals with China/India using bilateral currency exchanges shows Kremlin's stance toward OPEC's decisions as it weans out Western sanctions while battling Ukraine.

We could see major volatility around $66ish levels as they key level of support could determine crude's direction for the up-and-coming quarters.

Lets see how the 🎲 roll.

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