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WTI crude oil is declining for a fourth consecutive day on demand concerns. It hit a low of $80.83 at the time of writing and is currently trading at $81.63.
According to the American Petroleum Institute (API), crude oil inventories fell by 1.92 million barrels for the week ending July 5th 2024.
The cease-fire talks between Israel and Gaza will resume on Wednesday in Doha putting pressure on oil at higher levels. Hurricane Beryl had a very minor impact on Texas's energy production.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude.
Major resistance - 106.20/107.
Major support- 105.50/104.
Ichimoku analysis (4- hour chart)
Tenken-Sen- $81.70
Kijun-Sen- $82.72
The immediate resistance is around $82.40. Any jump above the target of $83/$83.65/$84.50. On the lower side, near-term support is around $80.64. Any breach below will drag the commodity down to $80/$79.
It is good to buy on dips around $81 with SL around $80 for a TP of $85
