Crude oil fell by about 0.3% in today’s early European trading session. The market is pressured by the day’s upper value extreme and fell back into the year’s developing value as the price dropped about 7% in Friday’s session, giving the market a bearish bias. Concerns about economic growth and fuel demand pressured the Crude oil market. The Fed increased its interest rate by 75bps to combat inflation which raised concerns about an economic downturn which weighed on the price of oil in the prior week. Supply issues in Ukraine and the unrest in Libya as well as OPEC's failure to pump more oil into the market with expectations of higher near-term consumption may support higher oil prices.

The month is down by about 7% while the trend higher is still intact. The market may target the year’s mean or developing VWAP on a daily perspective to find core buyers. The market closed below the daily EMA50 on the daily periodicity while it tested buyers around the hourly swing lows and prior VWAP close levels. The yield is up by about 1% which may be viewed bearish as the Volatility index for the oil market is up for the day by about 6.3%, looking for buyers.

Hourly testing buyers around swing lows and prior VWAP close level, leading the market into the current balanced behavior.

The managed money sector was net selling about 13,641 contracts of WTI Crude oil as of June 14 COT data. Long liquidations and new short positions increased the net selling side, giving the market the bearish note.