This article delves into the prevailing market triggers influencing oil prices and evaluates essential technical thresholds that traders should monitor in the upcoming sessions.
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While this potential deal could contribute to bolstering worldwide supplies, it is unlikely to bring about substantial changes in current market dynamics, given the considerable hurdles that Venezuela's energy sector confronts due to prolonged neglect and underinvestment in the industry. From a technical standpoint, WTI futures started to move lower this week after failing to clear resistance at $88.50. If the pullback accelerates in the days ahead, initial support rests in the $85.50/$85.00 range. On further softness, the focus will turn to a short-term uptrend line near the $83.00 level.
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