Oil prices declined early on Friday, despite the geopolitical tensions escalating following Israel's retaliatory attack on Iran, which resulted in minimal damage.
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Today, the oil market exhibits significant volatility with escalating geopolitical tensions, potentially targeting the support level at 80.
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Oil prices continued their decline for the fourth consecutive session early Thursday, with geopolitical tensions easing and a rise in US inventories suggesting weaker demand.
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The oil market is continuing its decline with the next support level at 80.
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WTI crude futures fell to $84.5 per barrel on Wednesday, continuing their downward trend for the third consecutive session.
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The oil market is continuing its correction below the support at 85 while the overall outlook remains bullish and strong.
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Oil prices declined early on Tuesday, influenced by reduced concerns of an escalating conflict in the Middle East.
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In the short term, the oil market is experiencing directionless trading within a tight range where the support is at 85.
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Oil prices softened on Monday as they relinquished some of the risk premium previously incorporated due to geopolitical tensions.
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