Technically: 🔸Crude oil forms a rising channel after reaching resistance at 6767, beyond a bearish overbought condition. It now trends downward on the 4-hour timeframe. Target 1: 6578 Target 2 : 6500
As per the news: 🔸Energy agencies anticipate Q2 oil supply shortfall due to extended OPEC+ cuts. 🔸IEA optimistic on global demand, EIA raises US production forecasts. 🔸Permian Basin shale crucial; US output expected to hit record levels, per Commerzbank.