Crude Oil Shrugs Off the Selloff as Barrels Vanish
US crude inventories are drawing down during peak summer demand while disruptions tied to the Strait of Hormuz keep Middle East supply risk elevated. The walkthrough maps the key levels for WTI crude oil and Brent crude, then looks at how the upcoming US non-farm payrolls report could drive oil market volatility.
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WTI crude oil stays supported as falling US inventories and Strait of Hormuz supply risk hold a premium during peak summer demand.
Razan Hilal, FOREX.com Market Analyst, breaks down the technical levels that separate an escalation scenario from a de-escalation across the crude oil chart.
US crude inventories are drawing down during peak summer demand while disruptions tied to the Strait of Hormuz keep Middle East supply risk elevated. The walkthrough maps the key levels for WTI crude oil and Brent crude, then looks at how the upcoming US non-farm payrolls report could drive oil market volatility.
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.
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