USOIL News

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Last Updated Date: 4 August 2021 @ 7:40 AM (UTC)
*Please note that all the dates are in GMT time zone

U.S. oil prices fell for a third day on Wednesday while Brent futures were largely unchanged on mounting concerns that the increasing spread of the Delta variant of the coronavirus in top consuming countries will cut fuel demand.

The larger short term bear trend pattern still has potential to 67.77. Trade may try to correct / consolidate declines, but narrow congestion with rallies blunted below 69.24 will bear flag. A close under 67.77 could resume bear trending to reach under last week’s low ⇒ 65.20.
 

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