#CRUDEOIL | Update MCX | 23rd Feb

23 feb

Timeframe: 1 Hour

📉 Crude oil poised for reversal post-resistance at 6542, with potential retest and move towards the next resistance at 6583.

🔹WTI crude prices stable around 78/barrel for the week.
🔹Initial 2% dip attributed to interest rate and demand worries.
🔹Strong US inflation data suggested higher borrowing costs.
🔹Market recovered as geopolitical tensions and lower US crude inventories resurfaced.
🔹Global shift to renewable energy remains a factor in oil demand.