Commodities Analysis by Matthew Weller covering: Crude Oil WTI Futures. Read Matthew Weller's latest article on Investing.com
Israel and Lebanon are reportedly nearing a potential ceasefire agreement to end the year-long Israel-Hezbollah conflict.
The long-term trend in oil prices remains lower, and traders could therefore be keen to sell any bounces back toward the declining 100-day MA and previous-support-turned-resistance near $72.00 The proposed deal includes a 60-day transition phase where the Israeli military would withdraw from southern Lebanon, Hezbollah would relocate heavy weapons north of the Litani River, and the Lebanese army would secure the border with UN peacekeepers. The US would oversee the agreement through a monitoring committee, supporting Israeli action against emerging threats."We think we have a deal. We are on the goal line but we haven't passed it yet.
From a longer-term perspective, the trend in oil prices remains lower, and traders could therefore be keen to sell any bounces back toward the declining 100-day MA and previous-support-turned-resistance near $72.00 .Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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