PU Prime App

Exclusive deals on mobile

  • Market Insights  >  Trade Of The Day

10 July 2024,02:29

Trade Of The Day

Oil Prices Drop As Supply Disruption Concerns Ease

10 July 2024, 02:29

Share on:
FacebookLinkedInTwitterShare
oil prices drop as supply disruption concerns ease trading opportunities 10 July 2024

Fundamental Analysis

* Barrel Blues: Crude oil prices have declined by over 1% as traders realized that prolonged supply disruptions from Hurricane Beryl were unlikely. Hurricane Beryl was initially predicted to cause significant damage to U.S. crude hubs, but major refineries along the Gulf Coast sustained minimal impact after Beryl weakened into a tropical storm. The U.S. oil-producing hub in Texas experienced less storm damage than initially feared. Oil and gas companies in Texas began quickly resuming operations on Tuesday, and ports were set to reopen since the impact of Hurricane Beryl was expected to be minor. Additionally, ongoing ceasefire talks between Israel and Hamas have also contributed to the decline in oil prices, as Hamas has made several major concessions in efforts to reach a ceasefire agreement with Israel.

Technical Analysis

* Technical Breakout: Crude oil price was traded lower while currently testing the support level 81.40. MACD which illustrate bearish bias signal suggest the commodity to further extend its losses after it breaks below the level.

* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 80.25 after it breaches below the level 81.40. Conversely, a potential correction is also to be expected and the price could head towards 82.75.

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Looking ahead, investors will keep a close eye on developments in the Middle East, where a potential ceasefire between Israel and Hamas could alleviate worries about global crude supply disruptions. Additionally, the market will pay attention to various economic data from China and the U.S. to gain more insights into crude demand.

Know how to manage trading risks with risk management strategies.

Monitoring

Stay updated on US and global data, central bank updates, Middle East developments and any shifts in the US Dollar’s strength. by following PU Prime’s market insights and daily financial news.

Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!

Open Your Free Demo Account And Start Trading Risk-Free

Join Now



Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1

    Register

    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2

    Fund

    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!