Crude oil prices have dropped sharply as optimism grows for a potential peace agreement between Israel and Lebanon. Currently, prices are down approximately $2, trading near $69.13. The intraday low reached $69.01, bringing the price close to the 200-hour moving average (MA) (depicted as the green line on the chart).
This MA level is acting as a critical support zone for now. A break below the 200-hour MA would signal a more bearish technical outlook, but so far, buyers have managed to defend this key level.
This article was written by Greg Michalowski at www.forexlive.com.
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