Oil Bears Take Control as Hormuz Optimism Hits the Market
Crude oil extends weekly losses past 7% as Hormuz reopening optimism outpaces actual supply flows, pushing WTI toward a critical support test at $74. Razan Hilal, CMT, Market Analyst at FOREX.com, explains the key technical levels and what a sustained break below $74 could mean for oil prices.
Written by
Razan Hilal
Market Analyst
Crude oil extends weekly losses past 7% as Hormuz reopening optimism outpaces actual supply flows, pushing WTI toward a critical support test at $74. Razan Hilal, CMT, Market Analyst at FOREX.com, explains the key technical levels and what a sustained break below $74 could mean for oil prices.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by Forex.com.
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