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Crude Oil futures would form a bullish double bottom pattern if it can close above 79.96 on its continuation chart. Its minimum upside target would be around 83.30. Further supporting this upside move is that this potential pattern is forming in a volume profile support zone, near its 200 EMA, and near its monthly S2 pivot. Additionally, there is bullish ...
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The oil market is awash with discounted, sanctioned crudes, which at around 4.7 million barrels per day now constitute about 5% of the global oil trade. These flows from Russia, Iran and Venezuela have reached their highest level since Russia's invasion of Ukraine in February 2022. Most of this oil lands in China and India — the two biggest engines of ...