📊TECHNICAL ANALYSIS ON 4-HOURS TIMEFRAME
Crude oil price shows some bullish bias to approach the key resistance 89.65, which represents one of the next trend keys besides 88.20 support, and as we mentioned this morning, the price needs to surpass one of these levels to detect its next targets clearly, which keeps our neutrality as is. I will remind you that breaching the resistance will push the price back to the bullish track and achieve gains that start at 92.00 and extend to 95.35, while breaking the support will push the price to decline towards 84.55 on the near-term basis.
📊QUICK FUNDAMENTAL LOOK
Global oil prices rose on Friday on track for the fourth straight session, with US crude trading near two-week highs, while Brent traded near three-week highs amid growing geopolitical tensions in the Middle East. Markets expect Venezuelan crude exports to increase gradually after the US reduced its sanctions on the Venezuelan energy sector as the government and the opposition reached an agreement on the 2024 elections.
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