Crude oil faces rising opportunities

The crude oil market fell for a second straight week on renewed signs of weak demand after the premium over the risk of the Palestinian-Israeli conflict faded. However, weak data from the U.S. employment report supported market speculation that the Federal Reserve may stop raising interest rates, which provided some support for oil prices. Saudi Arabia's announcement to cut crude oil production will further push up oil prices.

A tight market for crude oil is supporting crude prices. The current support level of .80 has been continuously tested but has not fallen below. Let’s see if crude oil can break through 85.5 in the future

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