Oil is probing the 100-hour MA resistance amid US recession fears. With the futures on the S&P 500 pointing to risk reset, oil prices could rise above the MA hurdle. WTI oil’s bounce from the seven-day low of $58.20 hit yesterday is struggling to break above the 100-hour MA, currently at $59.35. The black gold is struggling to beat the MA hurdle, possibly due to heightened recession fears. On Friday, a section of the treasury yield curve inverted – the spread between the US 10-year and two-year Treasury yields turned negative for the first time since 2007 – triggering fears of recession. Further, the German 10- year bond yield turned negative for the first time since 2016. That said, the futures on the S&P 500 are up 0.24 percent at press time, meaning a risk reset could be in the offing. Oil, therefore, may find acceptance above the 100-hour MA hurdle. Moreover, risk reset would shift the focus back to the ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela. That said, the immediate bias is bearish, as per technical studies. The black gold fell 1.67 percent on Friday, confirming a bearish doji reversal. Further, on the 4-hour chart, a head-and-shoulders would be formed if prices retreat from the current level of $59.24. Technical Levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBNZ to reiterate the next move could be ‘up or down’ – UBS FX Street 4 years Oil is probing the 100-hour MA resistance amid US recession fears. With the futures on the S&P 500 pointing to risk reset, oil prices could rise above the MA hurdle. WTI oil's bounce from the seven-day low of $58.20 hit yesterday is struggling to break above the 100-hour MA, currently at $59.35. The black gold is struggling to beat the MA hurdle, possibly due to heightened recession fears. On Friday, a section of the treasury yield curve inverted - the spread between the US 10-year and two-year Treasury yields turned negative for the first time since 2007… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.