Timeframe: 1 Hour
📉 Crude oil poised for reversal post-resistance at 6542, with potential retest and move towards the next resistance at 6583.
🔹WTI crude prices stable around $78/barrel for the week.
🔹Initial 2% dip attributed to interest rate and demand worries.
🔹Strong US inflation data suggested higher borrowing costs.
🔹Market recovered as geopolitical tensions and lower US crude inventories resurfaced.
🔹Global shift to renewable energy remains a factor in oil demand.