Crude Oil Technical Analysis – We are back at the key 80 resistance ...Middle East

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Crude Oil Technical Analysis – We are back at the key 80 resistance
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Fundamental OverviewCrude oil reversed all of its losses from the last week of May, when, despite OPEC+'s extension of voluntary output cuts, the market fell as the price broke out of a month-long range. The dip could have been purely technical, as bearish momentum increased following the breakout. The price eventually bottomed around $73 and is currently back at the crucial resistance level of $80.The market got also a boost from the strong US NFP report recently as that showed that demand is likely to remain solid amid the global growth pickup as depicted also by the PMIs. Moreover, we have some major central banks beginning to ease their policies and China will likely continue to do so as

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