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.
Tension and abundance: can oil prices slow its plunge?
The possibility of a ceasefire in the Middle East conflict increases as Riyadh and Tel Aviv mend their relationships, brokered by the US.
Some OPEC members did not comply with the production cuts agreed in the previous meetings, leading to an abundance of supply that can pressure oil prices.
At the same time, US oil inventories, as reported by API and EIA, increased compared to the previous period.
USOIL has formed a lower high and a lower low to confirm its short-term trend change. However, the price stopped right at the 78.50 USD per barrel support.
If USOIL bounces from the level, the price may retest the 81.50 USD per barrel level, which it retested before the plunge.
On the contrary, if USOIL closes below the 78.50 USD per barrel support, the price may head to the subsequent support level at 75.50 USD per barrel.
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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