WTI Technical Analysis - The Strait Of Hormuz Is To Be Opened In 30 Days, Oil Down 7%
WTI oil prices have dropped 7%, returning to levels seen in early May. This decline follows the announcement that the Strait of Hormuz is expected to reopen in 30 days. The market is reacting to the potential increase in oil supply as geopolitical tensions ease.
- ▪WTI oil prices fell by 7%, reaching early May levels.
- ▪The Strait of Hormuz is set to reopen in 30 days, which may increase oil supply.
- ▪The market is responding to the easing of geopolitical tensions.
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