๐ข CL OIL, H4 ๐ข 22 March 2024
Crude oil prices faced downward pressure amid weaker US gasoline demand data and reports of a United Nations draft resolution calling for a ceasefire in Gaza, easing concerns of supply disruptions. Despite an unexpected decline in US crude inventories reported by the Energy Information Administration (EIA), gasoline product demand slipped below 9 million barrels, contributing to the overall bearish sentiment in the oil market. Geopolitical tensions also weighed on oil prices, with the
US drafting a UN resolution aimed at facilitating a ceasefire, dampening market fears. Oil prices are trading lower while currently testing the support level. Suggesting the commodity might extend its losses after breakout.
Resistance level: 82.75, 85.45๐
Support level: 80.45, 78.45๐
Crude oil prices faced downward pressure amid weaker US gasoline demand data and reports of a United Nations draft resolution calling for a ceasefire in Gaza, easing concerns of supply disruptions. Despite an unexpected decline in US crude inventories reported by the Energy Information Administration (EIA), gasoline product demand slipped below 9 million barrels, contributing to the overall bearish sentiment in the oil market. Geopolitical tensions also weighed on oil prices, with the
US drafting a UN resolution aimed at facilitating a ceasefire, dampening market fears. Oil prices are trading lower while currently testing the support level. Suggesting the commodity might extend its losses after breakout.
Resistance level: 82.75, 85.45๐
Support level: 80.45, 78.45๐
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