Crude Oil Is Gaining but Has More to Do Before a Confirmed Reversal
Oil has been gaining for the past week after briefly dipping into the area of the lows of the year. Oil was up amid Red Sea tankers’ attacks, a crucial trade route that accounts for about 30% of trade turnover.
Interestingly, technical factors were also at play on the side of Oil. On the weekly timeframes, Oil got buyers’ interest after a dip under the 200-week moving average last week. That was the ninth time this year that Oil has gone below or touched that curve but closed the week higher.
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