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WTI crude futures fell by about 0,5% in the previous session and held below $76 per barrel on Tuesday.

• Investors are concerned about prolonged interest rate hikes, growing fears of a global recession, and uncertainties around Chinese demand.
• The Federal Reserve and European Central Bank are both set to raise interest rates this week, which could dampen global growth and energy demand.
• China’s manufacturing activity unexpectedly shrank in April, undermining the country’s economic recovery and its impact on oil demand.
• OPEC+ plans to reduce output this month to stabilize the market and support oil prices.
• However, the broader outlook for oil remains uncertain due to various global economic concerns and uncertainties.

Crude oil closed with an inside bar on Monday and a b-shaped balanced price profile structure, which may initiate buying scenarios around the lower value extreme. However, the balanced scenario may keep the market rotational. The current calculation for the session is mixed with a higher dollar, while the greenback goes with a bearish tendency as traders await the Fed meeting to conclude the rate-hike path. It is widely expected that there will be a 25 bps hike, which could support the dollar.

Sellers may target the Quarter lower value extreme, while the market might conclude a balanced price range for the daily interval at the moment. The unsecured high from Friday could be a target to be cleared in the next session if the market receives bullish reasons to soar, such as a dovish tone from the Fed.

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