🛢 CL OIL, H4 🛢9 April 2024
Oil prices continued their upward momentum amidst ongoing fears of supply disruptions in the market. Geopolitical tensions in the Middle East, exacerbated by the failure of ceasefire talks between Israel and Hamas, supported oil prices. Despite efforts by the US and its allies to broker peace, prospects for an immediate resolution appear to be waning, contributing to sustained concerns over supply stability.
Oil prices are trading higher following the prior rebound from the support level. Suggesting the commodity might extend its gains.
Resistance level: 87.90, 89.10📉
Support level: 83.35, 83.05📈
Oil prices continued their upward momentum amidst ongoing fears of supply disruptions in the market. Geopolitical tensions in the Middle East, exacerbated by the failure of ceasefire talks between Israel and Hamas, supported oil prices. Despite efforts by the US and its allies to broker peace, prospects for an immediate resolution appear to be waning, contributing to sustained concerns over supply stability.
Oil prices are trading higher following the prior rebound from the support level. Suggesting the commodity might extend its gains.
Resistance level: 87.90, 89.10📉
Support level: 83.35, 83.05📈