Oil is maintaining the same level as yesterday, with the upcoming OPEC meeting being the next significant event for price direction.
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The oil market is currently in a holding pattern, awaiting clearer signals to determine its next move toward the 82.20 level after a retreat to 72.
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Crude oil is currently undergoing a correction phase fueled by speculations surrounding OPEC's potential influence on prices, with attention directed towards the actions of major players such as Saudi Arabia and Russia, which could impact overall supply dynamics.
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The breach of the support level at 74.20 in the oil market has triggered concerns, as descending into the lower zone would send an alarming signal for OPEC to take proactive measures in stabilizing prices.
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The correction in WTI crude oil towards the $77.5 level appears normal before its potential continued downward trend.
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West Texas Intermediate (WTI) Crude Oil prices climbed to $76.00/barrel during the Asian session, attracting some buyers. However, the commodity remains near its lowest level since July 21, indicating a potential third consecutive week of losses.
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