đź‘€ Possible scenario:
Oil prices dropped more than 3% on June 24 after U.S. President Donald Trump brokered a ceasefire between Israel and Iran, easing fears of a wider conflict disrupting Middle East oil flows.
Analysts said the risk premium built into oil prices has quickly faded, with focus shifting away from threats to the Strait of Hormuz. Macquarie expects U.S. crude stocks to fall by just 0.9M barrels last week—down sharply from the prior 11.5M-barrel draw. Exports likely dropped by 0.6M b/d, while imports rose by 0.7M b/d. Gasoline, distillate, and jet fuel inventories are all expected to have increased.
âś…Support and Resistance Levels
Now, the support level is located at 66.10.
Resistance levels are now located at 77.50 .
Oil prices dropped more than 3% on June 24 after U.S. President Donald Trump brokered a ceasefire between Israel and Iran, easing fears of a wider conflict disrupting Middle East oil flows.
Analysts said the risk premium built into oil prices has quickly faded, with focus shifting away from threats to the Strait of Hormuz. Macquarie expects U.S. crude stocks to fall by just 0.9M barrels last week—down sharply from the prior 11.5M-barrel draw. Exports likely dropped by 0.6M b/d, while imports rose by 0.7M b/d. Gasoline, distillate, and jet fuel inventories are all expected to have increased.
âś…Support and Resistance Levels
Now, the support level is located at 66.10.
Resistance levels are now located at 77.50 .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.