Crude oil slipped in the morning on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices.
“A ceasefire would help calm fears that the situation in Gaza might spread more broadly across the region,” he said. “Additionally, it may encourage the Houthis to stand down and allow oil tankers to pass through the Red Sea, which would also be a positive development in terms of helping to balance out the supply and demand dynamics.” U.S. Secretary of State Antony Blinken said on Thursday he believed talks in Qatar could reach a Gaza ceasefire agreement between Israel and Hamas. Blinken met Arab foreign ministers and Egypt’s President Abdel Fattah El-Sisi in Cairo as negotiators in Qatar centred on a truce of about six weeks.
Brent crude futures fell 53 cents, or 0.6%, to $85.25 a barrel by 0651 GMT. U.S. crude futures shed 52 cents, or 0.6%, to $80.55 per barrel.
CURRENTLY CRUDE OIL IS MOVING ON DOWN TREND.
Expecting correction up to 80.85
Today’s important levels for trading are 81.58, 80.90, 80.01 and 79.33
Trading Strategy for today: Sell On Rise
Trade setup:
Pullback Sell around 80.80 Higher Sell around 81.40
Safe swing sell below 80.20
Safe swing buy above 81.80