Oil prices climbed this week after the EIA reported a decline in crude inventories, with rising geopolitical tensions adding to the upward pressure.
Oil futures have surged sharply this week, driven by a significant draw in U.S. crude inventories and signs of a cooling job market that have fueled hopes of a potential Federal Reserve rate cut. Lower interest rates could bolster oil prices , which have been under pressure due to tepid global demand. EIA Report Fuels Price Increase The U.S. Energy Information Administration EIA reported a notable decline in crude inventories, which fell by 2.5 million barrels to 457.
Weekly Light Crude Oil Futures Trend Indicator Analysis The main trend is up. Momentum shifted to the upside this week when buyers took out the minor top at $80.22. It had been trending lower since the closing price reversal top the week-ending April 12. The minor trend is down. The near-term retracement zone at $76.02 to $73.60 is solid support, having been successfully tested two out of the last three weeks.
Inventories Crude Oil Geopolitics Tensions EIA
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