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Crude oil settling lower by 0.28%
Table of Contents
Key Takeaways (30s Read)
Crude oil prices are declining, testing important support levels, which could dictate future movement.
Weekly Price Action
Crude oil futures settled at $57.44, down 0.28% for the day and a -4.54% decline for the week with significant selling pressure. The week's high reached $60.30 on Monday, while the low was $57.01 on Thursday.Fundamental Story
The sharp decline was driven by bearish supply data and reduced geopolitical risk premiums, as the IEA forecasts a record oil glut heading into next year due to surging non-OPEC production. Peace talks regarding Ukraine further diminished existing risk premiums in oil prices.Technical Analysis: Testing Critical Support
Currently, prices are testing a critical support zone between $57.10 and $57.39, which will determine near-term direction. #### Bearish Scenario (Breakdown) - Trigger: Getting below the $57.10 - $57.39 support would significantly increase bearish bias. - Target: A break here could lead traders to target the October low of $55.96. #### Bullish Scenario (Hold & Bounce) - Trigger: If the support holds, buyers may push prices higher. - Target: Initial upside target is $58.13, with resistance noted at $58.28 due to the falling 100-hour moving average.AI Analyst
AI Opinion
"The crude oil market is under significant pressure due to oversupply and easing geopolitical risks. The short-term price action must focus on the critical support zone of $57.10 - $57.39. A breakdown would lead to expectations of lower prices, potentially targeting the October low. Conversely, if the price can hold this support, a bounce could materialize. A long-term perspective calls for a reassessment of supply-demand dynamics as the path forward unfolds."
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