Oil Prices Rebound as US Inventory Draw Offset Global Supply Concerns
Oil prices rose on Wednesday.
US Inventory Draw Fuels Oil Price Rebound
US crude inventories fell 2.5 million barrels.
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Key Market Data:
- Oil prices rose 1.5% to $72.50/bbl
- Brent crude rose 1.2% to $77.30/bbl
- US crude production fell 100,000 barrels/day
Market Outlook:
The current market sentiment is bullish for oil.
Technical Analysis: Oil Prices
- Support levels: $70.50, $69.00
- Resistance levels: $74.00, $75.50
What’s Next for Oil Prices?
Investors await OPEC+ production decisions.
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Additional Sections:
How to Trade Oil Amid Inventory Draws
Impact of US Inventory Draws on Global Oil Markets