USOIL (H4) The price will raise to acquire the 84.25$ and higher
The price of the Oil is looking to get some uptrend targets now after recent declines for the downtrend. For the third day in a row, West Texas Intermediate (WTI) US crude oil prices are still trading close to the weekly low, in the $80.30 range, during the Asian session.
A truce in Gaza and the release of captives are being discussed, according to US Secretary of State Antony Blinken, allaying fears that the Middle East's supply chain may be disrupted. Crude oil prices, along with other USD-denominated commodities, are being pressured downward by these causes as well as some subsequent purchasing of the US Dollar (USD), which is supported by the positive US economic outlook. Yet concerns about a tighter global supply seem to have mitigated some of the negative.
Russia may produce less gasoline as a result of Ukrainian drone attacks on its oil plants. Together with the International Energy Agency's revised estimate of the rise in oil demand in 2024, OPEC+ members decided to prolong their production curbs of 2.2 million barrels per day through the second quarter. More reason to anticipate fewer supply comes from a stronger US economy and possible Chinese resurgence. The price of crude oil may benefit from this, therefore bearish traders should exercise care.
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