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Commodities

WTI Crude Oil Bounces Off Key Support Amid Iran Concerns

Guavy AI Editorial Team
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Oil
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The price of WTI crude oil is currently trading around $91.18 on Wednesday, after bouncing off support near its rising 50-day EMA at $89.13.

This rebound comes as the market remains well above its 200-day EMA at $82.07.

The 50-day EMA is a key indicator that many traders are watching, and with the Iranian president's recent speech at the UN potentially leading to higher rates of inflation via energy, this could be a catalyst for further price increases in both the bond market and WTI crude oil.

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