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Commodities

Oil Prices Teeter on Middle East Headlines

Guavy AI Editorial Team
Instruments
Oil
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The price of crude oil remains volatile, influenced by ongoing events in the Middle East. WTI Crude Oil trades at $82.91, holding above both EMAs after a strong rebound from the $70 support zone.

Traders are waiting for the latest headlines coming out of DC and Tehran, with many questions surrounding sustainable peace in the region. This uncertainty has led to oil traders playing it safe, with some not engaging at all.

The Brent market is also being affected, trading at $88.68 and positioned above both EMAs, eyeing the $100 resistance level. Like WTI, Brent's price movement is uncertain, bumping along without a clear directionality over the last couple of weeks.

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