Crude oil settled today just one cent lower at $68.17. The low price today reached $67.60. The high price reached $69.18. At session lows, the price stayed above a swing area going back to 2023 between $66.76 and $67.51. On both Thursday and Friday of last week, the price stalled within that area and bounced higher.
On the fundamental side, Oil prices dropped due to China’s slowing manufacturing sector and rising supply from Libya and OPEC+ countries.
Saudi Arabia’s decision to abandon its $100/bbl price target and increase production also contributed to the decline. On the upside, tensions in the Middle East, including Israel’s reported plans to invade Lebanon and potential Iranian involvement, are providing some support to oil prices, mitigating further losses.
Will the buyers continue to buy ahead of the support? A move below $66.76 would disappoint the dip buyers in
This article was written by Greg Michalowski at www.forexlive.com.
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