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Hello everyone, today XM Forex will bring you "[XM Group]: Despite the reduction in crude oil demand, the conflict in Iran and Israel still pushes up the risk premium." Hope it will be helpful to you! The original content is as follows:
XM Foreign Exchange APP News-WTI crude oil futures rose during the European session on Tuesday (June 17), rebounding from a sharp decline on Monday, with geopolitical risks and key technical levels leading market sentiment. The rebound encountered immediate resistance near last week's high of $76.10, with stronger resistance ahead at $76.57, $78.95 and $82.91. On the downside, the long-term fulcrum is $67.44 and the 200-day and 50-day moving averages ($64.95 and $60.70, respectively) provide structural support. Although oil prices are currently higher than these major indicators and the technical side is still bullish, the market still needs a decisive catalyst to break through the long-term resistance zone. OPEC oil-producing countries Iran and the Strait of Hormuz maintain risk premiums. The conflict between Iran and Israel remains a key factor in supporting oil prices. As OPEC's third largest oil producer, Iran faces a review of whether escalating tensions will threaten crude oil exports. Although there is no direct evidence of supply disruption, traders are cautious given the strategic importance of the Strait of Hormuz (about 19 million barrels of oil and refined oil per day pass through the Strait). Market volatility soared after reports of electronic warfare jamming ship navigation systems and ship collisions near the strait. However, analysts including Ole Hansen of SaxoBank believe the possibility of a www.wzhdjgj.complete lockdown is lower, citing Iran's dependence on oil revenues and the United States puts pressure to control oil prices and inflation. The IEA lowered its oil demand forecast and raised its supply expectations fundamentals show that the physical balance prospects are softer. The latest monthly report of the International Energy Agency (IEA) cuts global oil demand forecast by 20,000 barrels per day, while raising supply estimates by 200,000 barrels per dayTo 1.8 million barrels per day. This reinforces expectations that inventory may increase unless demand rebounds significantly.
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