Early on Wednesday, the crude oil market was extremely bullish since it was pricing in a lot of geopolitical concerns, with the Middle East conflict escalating to the maximum extent possible.
Early on Wednesday morning, the West Texas Intermediate Crude Oil Market saw a considerable increase, rising almost 3% before the New York market opened. That is, of course, a very positive indication, and I believe that it has the potential to spark a small turnaround at this particular moment.
As I mentioned a few days ago, we are getting very close to receiving widespread support. It remains to be seen if we can generate any momentum at this point. That will be the challenging aspect. After this significant upswing, I believe you should be more willing to buy the dip, but you also need to acknowledge that it will be challenging to reach the $80 mark.
The same applies to Brent as well. In my opinion, the price of $84 will continue to be seen as a long-term price magnet. Buying opportunities should arise from temporary declines because, quite frankly.
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