Oil Falling for 3rd Day, Nearing Key Support Levels

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Oil Falling for 3rd Day, Nearing Key Support Levels

WTI oil prices are declining for a third straight session after tumbling by nearly 8% over the past two days. The front-month contract for October delivery trades down 1.4% at $88.31 a barrel, and fell to as low as $87.12 overnight. A weekly EIA report yesterday showed implied US gasoline demand remained weak at 8.6 million barrels a day, while distillate demand that had been holding up strong fell by 8% week-on-week to 3.6M bpd, the third-lowest weekly showing of 2022. “Crude oil is lower with spot trading near support levels around $87,” says Peter Cardillo at Spartan Capital in a research note. “We see oil prices breaching the support level with prices slipping to the $80 -$81 area.”