Oil Bears Take Control as Hormuz Optimism Hits the Market

feature image

Crude oil extends weekly losses past 7% as Hormuz reopening optimism outpaces actual supply flows, pushing WTI toward a critical support test at $74. Razan Hilal, CMT, Market Analyst at FOREX.com, explains the key technical levels and what a sustained break below $74 could mean for oil prices.

This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by Forex.com.

 

Open an account today

Experience award-winning platforms with fast and secure execution.

Economic Calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.