🛢 CL OIL, H4 🛢 20 March 2024
Crude oil prices extended gains, reaching multi-month highs for the second consecutive session,
driven by rising geopolitical tensions, notably recent attacks by Ukraine on Russian refineries.
Concerns over supply disruptions intensified as the attacks targeted a significant portion of Russian refining capacity, leading to the shutdown of approximately 7% of daily refining output. The escalating conflict underscores the volatile nature of global oil markets and highlights the potential for further price fluctuations.
Oil prices are trading higher while currently testing the resistance level. Suggesting the commodity might experience technical correction since the RSI entered the overbought territory.
Resistance level: 82.85, 84.10📉
Support level: 80.20, 78.00📈
Crude oil prices extended gains, reaching multi-month highs for the second consecutive session,
driven by rising geopolitical tensions, notably recent attacks by Ukraine on Russian refineries.
Concerns over supply disruptions intensified as the attacks targeted a significant portion of Russian refining capacity, leading to the shutdown of approximately 7% of daily refining output. The escalating conflict underscores the volatile nature of global oil markets and highlights the potential for further price fluctuations.
Oil prices are trading higher while currently testing the resistance level. Suggesting the commodity might experience technical correction since the RSI entered the overbought territory.
Resistance level: 82.85, 84.10📉
Support level: 80.20, 78.00📈