WTI CRUDE OIL - Crude oil slowing down amidst Middle East easing - 04/22/2024 (GMT)

Oil prices fell after experiencing back-to-back weekly declines due to concerns over potential actions from Iran and Israel amidst tensions in the Middle East. Also increased U.S stockpiles and a stronger dollar amplified by a hawkish Fed stance. The US House passed sanctions on Iran's oil sector, impacting market dynamics while Iran downplayed the risk of escalation in the Middle East however the tension in the region continues to unsettle oil markets. The U.S. House of Representatives passed an aid package for Ukraine and Israel, including measures that could impact Iran’s oil production, while Senate consideration of the bill is pending. Investors are also closely monitoring US economic data and earnings reports from major oil companies for further insights.
  On the technical side, the price has found sufficient resistance on the upper band of the Bollinger bands and has since corrected to the downside. Currently, the price is trading at the major technical support area that combines the 50-day moving average, the 38.2% of the daily Fibonacci retracement level, and the lower band of the Bollinger bands. The Stochastic oscillator is recording extreme oversold levels but this does not mean that it cannot remain in the oversold level in the coming sessions. If the bearish momentum continues in the near short term then the next area of possible support might be found around the $80 area which is the psychological support of the round number as well as the area of price reaction in late March.