Market analysis
The supply and demand of crude oil has increased but the risk of the Palestinian-Israeli conflict has not diminished. At present, oil transportation in the Middle East has not really been affected by this conflict, which is why oil prices have been experiencing corrections. Without further escalation in the Israeli-Palestinian conflict, crude oil markets were bearish.
Based on technical analysis, crude oil is currently falling in a unilateral step-wise manner, bottoming out and rising after hitting daily support. The upper resistance level has moved down to 86.2. Pay attention to the support level of 82.5, which is still the watershed between bulls and bears in the market outlook.
Overall analysis, crude oil has a bearish trend
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