Oil markets test new lows amid lack of positive catalysts.
WTI oil did not manage to settle above the $83.50 level.
Oil traders focus on the changes in Fed policy outlook and prepare for the start of the rate cut cycle.
Falling U.S. crude oil inventories provided support to oil markets.
Oil prices test new lows as traders stay focused on the developments in the Middle East.
Oil traders focus on Gaza ceasefire talks.
WTI falls below $83 as geopolitical tensions ease, raising concerns of a potential sell-off in the oil market.
The short-term outlook for oil prices remains bullish, supported by tightening supply, strong summer demand, and geopolitical factors.
WTI oil needs additional positive catalysts to settle above the key resistance at $83.50 – $84.50.
WTI oil prices are up by more than 15% from lows that were reached in early June.
With WTI oil finding strong support near $83.50, analysts suggest potential buying opportunities today
Oil traders stay bullish amid hopes of strong demand.