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Crude Oil Forecast: Oil Prices Edge Lower Toward Trend Support 2021-05-08 15:30:00 Rich Dvorak, Analyst CRUDE OIL WEEKLY TECHNICAL FORECAST – NEUTRAL Crude oil has started peeling back from technical resistance near the 66.25-price level WTI crude oil prices may extend a bit lower with the commodity starting to consolidate Oil looks likely to maintain its broader bullish trend so long as sentiment stays upbeat Crude oil price action finished the week modestly higher. The commodity gained 2% on balance to close around 65.00/bbl. WTI oil prices were up as much as 5% by Wednesday’s trading session, but failure to overcome technical resistance near 66.25 corresponded with a slight pullback from year-to-date highs. Crude oil bulls have likely struggled to maintain buying pressures amid falling import demand from Japan and India. This has increased the odds for crude oil to consolidate lower and underperform other major commodities.

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