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🚨 Attention Traders and Investors! 🚨 🌟 Heads Up: Brent Crude Oil Market Alert! 🌟
• Crude oil continues to swing on news of production cuts. What’s next?
Fundamental Overview #Read Full Article https://hub.webberspro.com/?p=1131
Crude oil has been on a seesaw this week as we got a rally on Monday on the news that Libya was going to close down all oil fields and halt production and exports.
That spike eventually got faded and prices even fell below the level seen before the news. Yesterday, we got the news that Iraq was going to cut production which triggered another rally in oil.
On the daily chart, we can see that crude oil has been mostly rangebound between the 72.50 support and the 80.00 resistance. The market participants will likely keep on “playing the range” by buying at support and selling at resistance until we get a breakout.
Recent Price Movements (as of 2024)
• Volatility: Brent Crude prices have experienced volatility due to a combination of factors including supply chain disruptions, changes in OPEC+ production strategies, and shifts in global energy demand, particularly as economies transition to cleaner energy sources.
• Price Levels: In recent times, Brent Crude has seen fluctuations, with prices sometimes moving within a range influenced by ongoing recovery efforts post-pandemic, inflation concerns, and geopolitical tensions in key oil-producing regions.
• Future Outlook: Analysts often monitor the potential for new supply disruptions, changes in OPEC policies, and shifts in energy consumption patterns as indicators of future price trends.
Crude Oil Technical Analysis – 4 hour Timeframe Read More https://hub.webberspro.com/?p=1131
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