Bulls took control before the opening of the London session, taking the American benchmark to fresh grounds testing the $74.52 level. ON WEDNESDAY, the US energy market reported a drawdown of 6.7MM in their inventories, signaling a potential upward momentum.
However, in the long run, we may potentially see a market correction after two months of a clear bullish market.
The Delta COVID variant might bring some concern to the market and the still unheard details from the OPEC+ on how to inject their spare capacity into the market.
In the short-term, the price may challenges recent highs, despite the virus variant and Cartel supply. Although technically speaking, if bulls fail to conquer the $80 mark, we could expect some correction towards the previous supply level in confluence with the ascending trendline around the $66 handle. Let's see what the energy market brings in July.
-- *** If you like the idea, please don't be shy and click on the like button; also, comments are very welcome. | Thanks for your support!!! ***
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.