In today’s Asian market session, Crude Oil prices observed a modest downward adjustment, positioning below the $86 mark. This slight shift in market dynamics comes amid pivotal geopolitical negotiations that could have far-reaching implications for global energy supplies.

Crude oil futures saw a dip early Monday, coinciding with the initiation of peace negotiations between Israel and Hamas in Egypt, an event closely monitored by market participants. The talks are poised to potentially ease longstanding tensions in the Middle East, a region critical to the world’s oil supply.

The discussions, resuming just ahead of the Eid celebrations, mark a significant step toward de-escalation in the area, according to market commentators. A reduction in regional tensions is anticipated to mitigate concerns over disruptions to oil supply, thereby influencing global oil market sentiments.

Furthermore, in a move that aligns with international calls for de-escalation, Israel has commenced the withdrawal of its military forces from Southern Gaza. This development is seen as a positive step towards reducing regional hostilities and is closely watched by investors for its potential impact on oil market stability.

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Technical analysis

Crude Oil Analysis Technical analysis 08/04/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 08/04/2024

Support & ResistanceLevelExplanation
Resistance 286.71Daily R2
Resistance 186.18Daily R1
Support 184.76Daily S1
Support 284.23Daily S2

CRUDEOIL Indicator Table – 08/04/2024

SMA 20Sell
SMA 50Buy
SMA 100Buy
MACD( 12;26;9)Buy
RSI (14)Sell
Stochastic ( 9;6;3)Sell

CRUDEOIL Indicator / Period Table – 08/04/2024

Indicator / PeriodDay – SellWeek – BuyMonth – Buy
MACD( 12;26;9)BuyBuyBuy
RSI (14)SellNeutralNeutral
SMA 20SellBuyBuy

CRUDEOIL 08/04/2024 – Reference Price : 85.39

SELLSimple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (1)Sell (2)

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