Oil price remains a bit puzzling on what to do next. Although several commodity desks and analysts warn of the green shift that will hurt Oil demand in the long run, OPEC keeps sticking to its bullish outlook. Expect to see further consolidation until more pieces of the puzzle fall into place to give traders more outlook on demand.
Looking up, the key two levels ahead of $80.00 are the 100-day and 200-day Simple Moving Averages (SMA) at $79.26 and $79.13, respectively. Next, the 55-day Simple Moving Average (SMA) at $80.11 is a level with a lot of resistance where any recovery rally could pause. Once broken through, the road looks quite open to $87.12.
On the other side, the $76.00 marker is still acting as a support, with the $75.27 level playing a crucial role if traders still want to have an option to head back to $80.00. However, risks are skewed towards another leg lower if the US Federal Reserve (Fed) keeps its hawkish tone, sending Oil further down below $70.00.
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