Oil prices have risen in recent days on the back of a bullish outlook from OPEC+'s monthly report and the International Energy Agency (IEA) released a monthly report on Tuesday that raised its crude oil demand growth forecast for this year and next.
Oil prices have been range-bound due to signs that tensions in the Middle East may be easing and uncertainty about U.S. oil inventories. The U.S. dollar index fell sharply to a more than two-month low after U.S. CPI data was weaker than market expectations, and the International Energy Agency ( The International Energy Agency (IEA) raised its forecast for crude oil demand, and oil prices once hit a one-week high.
The trend of crude oil fluctuated upward and continued to be blocked near 80, forming a repetitive rhythm of alternating main and main markets. The current support level of 77.3 and resistance level of 80 are very strong.
Crude oil will more likely fluctuate within this range. Watch today's EIA data.
Long term bullish
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rebound
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Crude oil focus on EIA data to determine direction
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