Crude oil is rebounding from the $73.50 low on oversold conditions, Strait of Hormuz risk, and ongoing inventory drawdowns, though it may be a short term bounce within a broader decline. Razan Hilal, CMT and FOREX.com Market Analyst, breaks down the levels from $73.50 to the $85 zone and explains why US Iran nuclear talks may decide the next move.
Key Events to Watch
- US crude inventories: last at -8.4M, marking a five-month low and reinforcing ongoing supply risks
- Strait of Hormuz disruption risks, tied to continued Lebanon conflict spillovers, remain a key threat to the US–Iran peace process
Key Levels to Watch
- Above 76.20, the rebound may extend to 78, 82, and 85, with scope for corrective pullbacks
- Below 73.50, downside momentum could accelerate toward 67 and 61
The mentioned levels are explained in the video below, and in the Daily MENA market call webinar. Register here
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