The oil markets are currently under scrutiny as Brent crude approaches key support levels, with notable trading activity noted prior to the August 5 low of $75.05.
A definitive dip below crucial levels for both Brent and WTI could reinforce the narrative that the market is overwhelmingly in favor of sellers, suggesting a persistent downward trend in crude prices.
Even as geopolitical factors like Iran's responses seem to ease and inventory reports show a decline, they have failed to buoy crude oil prices, indicating strong selling pressure prevailing in the market.
The ongoing trend suggests that while there may be a brief technical bounce due to the market's heavily short positioning, selling any such bounce would be the most prudent strategy.
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