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Crude Oil Forecast: Market Outlook and Potential Challenges

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The WTI Crude Oil market displayed resilience despite a temporary retreat on Monday.

, around $72. The next resistance level to watch for should a breakthrough occur would be around $75. However, it is important to note that breaching this level may prove challenging without a significant external catalyst. The market appears to be in a consolidation phase, characterized by sideways movement and a lack of definitive trends.

Additionally, the United States Biden Administration has recently released its Strategic Petroleum Reserve to mitigate rising prices. Ultimately, the WTI Crude Oil and Brent markets are currently navigating a challenging landscape marked by volatility and economic uncertainties. While both markets have exhibited support, the sustainability of these levels remains uncertain. Traders and investors should closely monitor the $70 and $75 levels for potential breakout opportunities in WTI Crude Oil while keeping an eye on the $75 and $80 levels for Brent.

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