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US Crude oil, Tools: SMA, Time frame: 4HOil prices have resumed their upward momentum, supported by ongoing geopolitical uncertainty in the Middle East, amid a fragile ceasefire and a lack of meaningful progress in diplomatic negotiations. Markets continue to monitor all available options for reaching a lasting resolution to the current conflict that would ensure freedom of navigation through the Strait of Hormuz.
Although a number of vessels have recently passed through the strait, shipping activity remains well below the levels seen before the conflict began. Meanwhile, data released by the American Petroleum Institute (API) showed that US crude oil inventories declined for the seventh consecutive week last week, providing additional support to prices.
In terms of price performance, oil prices are posting gains for a third consecutive session today, rising by more than 2%. Crude is currently trading near $97.70 per barrel, after closing around $90 per barrel on Friday.
From a technical perspective, the chart suggests the potential completion of a head-and-shoulders pattern, with prices already breaking above the pattern's resistance level. The $99 per barrel area now stands out as a significant resistance zone, as it coincides with the 100-period and 200-period moving averages, making it an important test for the next phase of price action.
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