Short-Term OutlookTrader reaction to a minor pivot at $109.06 is likely to determine the direction of the August WTI crude oil market early Monday. Bullish ScenarioA sustained move over $109.06 will indicate the presence of buyers. Bearish ScenarioA sustained move under $109.06 will signal the presence of sellers. A trade through this level will lead to a test of the major retracement zone support at $103.85 – $99.82. The retracement zone at $103.85 to $99.82 is controlling the near-term direction of the market.

Source: Libya Today July 04, 2022 10:43 UTC