Crude oil remains range-bound between $55 and $60 amid thin holiday trading, with resistance holding firm and short-term selling signals emerging near key levels.
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Oil is often known as petroleum, though in reality, petroleum is the result of the processing of crude oil, a natural liquid that is found underground. Crude oil prices fluctuate based on a variety of factors including natural disasters, political factors and fluctuations in the currency markets.
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Crude oil is attempting a short-term bounce from recent lows, but oversupply, weak demand, and resistance near $60 continue to favor bearish momentum within a defined range.
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Crude oil rallied on Friday but stalled below $62, as weak demand and strong resistance continue to cap upside momentum in a volatile, range-bound market.
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Crude oil fell sharply Wednesday as persistent market instability and weak global demand outweighed Russian sanctions, with prices eyeing support near $55–$56.
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Crude oil remains under pressure as rallies toward $60–$62 face resistance, with abundant global supply and economic uncertainty keeping bulls cautious.
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Crude oil remains pressured below $62, with short-term rallies facing selling as weak demand and ineffective sanctions contribute to ongoing oversupply concerns.
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Crude oil continues to struggle beneath the $62 resistance level, as traders weigh high global supply, sanctions noise, and a soft economic outlook.
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Crude oil is consolidating below $62, with supply-heavy fundamentals and macroeconomic risks capping upside, while a drop toward $58.50 remains a plausible scenario.
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Crude oil prices are rising but face strong resistance at $62, with analysts eyeing signs of exhaustion for potential downside amid skepticism over sanctions impact.
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Crude oil soared 6% on Thursday following new Russian sanctions, but analysts caution that strong resistance near $62.50 may cap further gains unless follow-through buying emerges.
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Crude oil prices are attempting to form a bottom near $55, with technical signs hinting at a short-term bounce within a $55–$60 trading range.
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Crude oil prices continued to drop on Friday, with heavy selling pressure threatening the critical $55 support as oversupply concerns dominate the market.
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The light sweet crude oil market has been bullish during the trading session here on Monday as we continue to see a lot of volatility. Of course, some of that selling on Friday would have been fear over the U.S. Chinese trade situation and the tensions picking up. Now that it seems like it's abating a bit, it does make a certain amount of sense that we rally in order to get a bit of a relief rally.
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Crude oil declined on Thursday amid oversupply concerns and a strengthening US dollar, with traders watching key support near the $60 level for direction.
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The crude oil market has fallen during the early hours on the Tuesday session, only to turn around and show signs of life. It’s worth noting that we are sitting just below the $62 level, which is an area that’s been important multiple times. In fact, the $62 level is the top of an overall support range that drops down to the $60 level. We did touch that $60 level, but now it looks like we are trying to reiterate that important. If we can break out to the upside, that would be an even more bullish sign, but I think over the next couple of sessions, we may see some problems.
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