What's happening in the markets? We've put together some of the most important news and events that may affect your trades in the near term.
Will geopolitical risks maintain USOIL momentum?
China has been the primary buyer of Iranian oil despite the sanctions imposed, which were extended to foreign ports, tankers, and refineries.
According to the API, US nationwide crude inventories dropped by 3.2 million barrels last week, dragged by gasoline.
Supply cuts from OPEC+ and geopolitical risks in some regions have supported crude oil prices this year.
USOIL has been under pressure since the beginning of April 2024. The price has dropped below 81.00 USD per barrel from 87.00 USD per barrel but bounced back to close above 83.00 USD per barrel.
If USOIL continues its bounce, the price may test its resistance at around 85.00 USD per barrel.
On the contrary, USOIL may return to 78.50 USD per barrel if the price closes below 81.50 USD per barrel again.
We'll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.
Warm regards, The Exness Team
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