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Mid-Week Technical Outlook: Oil waits for fundamental spark
It has been a choppy affair for oil prices thanks to a combination of fundamental forces. Earlier in the week, oil bears were in power after Riyadh lowered its official selling prices for oil exports over the weekend. Only for bulls to return amid Middle East supply concerns, a Libyan supply outage, more attacks on vessels in the Red Sea and an industry report showing a bigger-than-expected drawdown in crude inventories. Prices are currently trapped within a range on the daily charts with support at $75.50 and resistance at $79.00. chart The global commodity could be injected with fresh volatility later today due ... (full story)