Technical Analysis:
US OIL is currently retracing towards $ 73 zone and we might see price taking support from this area. We will look for MSS on 1H tf or 15min TF with the good displacement of price to the upside and will target around $ 80 zone.
Fundamentals:
Oil prices slip, with Brent crude down 0.2% to $78.48 a barrel and WTI down 0.2% to $75.35 a barrel. A failure to break the 200-day moving average triggered a selloff on Tuesday, bringing a halt to a three-day, supply-risk driven rally, ANZ Research analysts say. Nevertheless, geopolitical tensions continue to hang over the market, as Libya's eastern government declares force majeure on all oil fields, terminals and facilities as part of a spat with the western government, and tensions across the Middle East remain elevated, ANZ says in a note. The exchange of fire over the weekend between Israel and Hezbollah still threatens to derail ceasefire negotiations, and while both parties say they have finished military operations for now, the market is wary of a wider outbreak and consequent supply risks
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