Oil Steadies as Technicals Provide Support After Monthlong Slump
- Russia says OPEC+ analyzing possibility of increasing output
- Traders continue to monitor developments in Israel-Hamas war
This article is for subscribers only.
Oil steadied as geopolitical tensions remain elevated and technicals provided critical support after a monthlong slump.
West Texas Intermediate settled above $78 a barrel after swinging through much of the session. Prices found support at crude’s 100-day moving average of about $78.15. Tension in the Middle East also lifted oil this afternoon as Israel’s war cabinet unanimously rejected a cease-fire proposal agreed to by Hamas. The state vowed to continue military operations in Rafah over the objections of most Arab and many European states.