Israel and Lebanon are reportedly close to reaching a ceasefire agreement to end the year-long conflict between Israel and Hezbollah. This news has had a significant impact on the financial markets, with stock indices rising, safe havens like gold falling, and crude oil prices experiencing their 2nd-worst day since October.
From a technical standpoint, WTI crude oil prices have dropped today, erasing most of last week’s gains and bringing the price back to around $69.00. The long-term trend for oil prices remains bearish, with the potential for further declines as traders may look to sell any rallies back towards the $72.00 level.
Overall, investors should keep a close eye on the developments in the Israel-Lebanon ceasefire negotiations as they could have a significant impact on oil prices and the broader financial markets. It’s important to stay informed and be prepared to make informed investment decisions based on the latest news and technical analysis.