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Brent crude oil price forecast: technical analysis
Crude oil prices have recoiled. Brent, the global benchmark, is in track for the third straight week as the recent momentum faded. It dropped to a low of $81.20 on Wednesday, much lower than the year-to-date high of $95.86. Similarly, West Texas Intermediate (WTI) plunged to $76.90, also lower from the YTD high of $94.80. The price of crude oil is tumbling as investors focus on the ongoing demand and supply dynamics. In the demand side, Russia and OPEC agreed to maintain their supply curbs, which are intended to boost prices. Also, the recent fears that the ongoing war between Israel and Hamas will lead to supply ... (full story)