📊TECHNICAL ANALYSIS - DAILY TIMEFRAME
Crude oil price provides more bullish bias to attempt to surpass 92.00 barrier, waiting for additional positive trades to achieve our targets that start at 92.45 and extend to 95.00 after surpassing the previous level. In general, we will continue to suggest the bullish trend for today unless breaking 91.00 and holding with a daily close below it. The expected trading range for today is between 90.40 support and 93.50 resistance.
📊QUICK FUNDAMENTAL LOOK
US crude fell 1.5% to $89.27 a barrel, with the highest since November 2022 at $91.11 a barrel, while Brent declined 1.25% to $92.70 a barrel, with the highest since November 2022 at $94.58. The International Energy Agency said the decision by Saudi Arabia and Russia to cut crude output by 1.3 million bpd until the end of the year will cause shortages in the fourth quarter of the year. Bank of America analysts believe such cuts will send Brent prices above $100 by the end of the year.
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