West Texas Intermediate (WTI), the US Crude Oil benchmark, retreats after testing the 20-day Exponential Moving Average (EMA) on news the US and Venez
Potential US-Venezuela deal could ease sanctions on Venezuela's Oil industry, increasing global Oil supply. According to Reuters, the agreement aims for a competitive, monitored presidential election in Venezuela. Market sentiment influenced by the ongoing Middle East conflict between Israel and Hamas. uela could reach a deal that would increase global Oil production amid times of geopolitical unrest in the Middle East conflict. Hence, WTI is trading at $86.
Additionally, diplomatic efforts to arrange a ceasefire failed. Aside from this, the US imposed sanctions on tanker owners carrying Russian Oil crude over the $60 per barrel limit imposed amid the conflict between Russia and Ukraine. WTI Price Analysis: Technical outlook Oil remains neutral to upward bias but capped below September’s 26 swing low of $88.24, which, once broken, could open the door for buyers to claim the current year-to-date high of $94.9 before rallying to $100.00.
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