#Crudeoil update || 15 Mar

15 Mar 2024

📆Date: 15 Mar
🕓TimeFrame: 4 hour

Technically:
🔸Crude oil forms a rising channel after reaching resistance at 6767, beyond a bearish overbought condition. It now trends downward on the 4-hour timeframe.
Target 1: 6578
Target 2 : 6500

As per the news:
🔸Energy agencies anticipate Q2 oil supply shortfall due to extended OPEC+ cuts.
🔸IEA optimistic on global demand, EIA raises US production forecasts.
🔸Permian Basin shale crucial; US output expected to hit record levels, per Commerzbank.