“Crude Oil (WTI) Rebounds Above $82 Following Recent Decline
The US Dollar Strengthens Amidst Safe-Haven Demand, Alongside the Japanese Yen
Anticipate Potential Oil Price Increases as Tensions Escalate with US Military Deployment to the Region
Oil Market Volatility Erupts in Wake of Surprise Hamas Attacks on Israel, Amidst Speculations of Iranian Involvement
While the US Dollar Gains Ground, Driven by Geopolitical Concerns in the Middle East, Unrelated to Interest Rates
At the time of this report, Crude Oil (WTI) is trading at $84.02 per barrel, while Brent Oil stands at $86.13 per barrel.
Oil Market Developments and Key Insights
Oil prices, along with Gold and Copper, Surge on Concerns of Escalating Tensions in the Middle East, Home to One-Third of Global Oil Supply
Attributions of Responsibility for the Attacks on Israel Extend to Iran, Yet Western Officials Remain Uncommitted
Chinese Oil Refiners Maintain Confidence in Uninterrupted Iranian Oil Supplies, Easing Concerns of Chinese Involvement in Regional Conflict
With US Treasury Bond Markets Closed for a National Holiday, Precious Metals, Crude Oil, and Safe-Haven Currencies Like the US Dollar, Japanese Yen, and Chinese Renminbi Witness Strong Upswings
Oil Technical Analysis: Navigating Market Volatility
Last week, Oil Prices Witnessed Sharp Declines Amid Diminishing Demand, But Supply Disruption Concerns Prevail Amid Current Turmoil
Expectations Suggest US Will Exercise Restraint to Avoid Disrupting Regional Supply, Resulting in Headline-Driven Price Fluctuations
Upside Target Remains at $93.12, Representing a Double Top from October and November of the Previous Year
Downside Support at $78 Appears Strong, While a Further Decline Could Trigger Substantial Selling Pressure, Pushing Prices Below $70.”
