Oil markets were looking forward to this week's Fed meeting, but with no major changes from the Fed, markets are now focusing on U.S. gasoline demand and geopolitical risk
West Texas Intermediate Crude Weekly Analysis This week's crude oil market has been marked by several significant events influencing May West Texas Intermediate WTI futures. The trends observed ranged from economic policy decisions to geopolitical developments, each playing a crucial role in shaping the market's direction. Declining Gasoline Demand One of the primary factors impacting crude oil prices this week was the unexpected decline in U.S. gasoline demand. According to the U.S.
Its retracement zone at $73.52 to $70.03 is another value zone. The short-term range is $88.31 to $65.18. The market is currently on the strong side of its retracement zone at $79.47 to $76.75, making it near-term support. Weekly Technical Forecast The direction of the May WTI crude oil market the week-ending March 29 is likely to be determined by trader reaction to the short-term Fibonacci level at $79.47. Bullish Scenario A sustained move over $79.47 will signal the presence of strong buyers.
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