Crude oil prices are poised to continue their two-week rally amid escalating tensions in the Middle East, particularly between Israel and its neighbors, including Lebanon.
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On Tuesday, WTI crude futures approached $79 per barrel, recovering from three-month lows.
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Oil prices are higher after a bullish US crude stocks report, and OPEC+ keeps output cuts in place, as expected.
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The upward trajectory remains intact, and the trend of higher highs could persist, with WTI turning the last 80 resistance level into a new support.
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Oil prices dipped on Wednesday, moving away from session highs as investors awaited the Federal Reserve's interest rate policy announcement.
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Oil continues to hover around the 79-80 level, showing a clear uncertainty this week, where the resistance level from the upper parallel of the bearish channel continues to act as resistance.
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Oil is undergoing a slight correction today, extending from last week.
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For the second consecutive trading day, crude oil is lingering close to the 78-resistance threshold.
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Recent market trends indicate a potential reversal in oil prices, with the commodity poised for an upward movement.
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