Bulls took control before the opening of the London session, taking the American benchmark to fresh grounds testing the $74.52 level. ON WEDNESDAY, the US energy market reported a drawdown of 6.7MM in their inventories, signaling a potential upward momentum.
However, in the long run, we may potentially see a market correction after two months of a clear bullish market.
The Delta COVID variant might bring some concern to the market and the still unheard details from the OPEC+ on how to inject their spare capacity into the market.
In the short-term, the price may challenges recent highs, despite the virus variant and Cartel supply. Although technically speaking, if bulls fail to conquer the $80 mark, we could expect some correction towards the previous supply level in confluence with the ascending trendline around the $66 handle. Let's see what the energy market brings in July.
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