"Crude Oil Faces Headwinds: Demand Concerns and Easing Supply Fears"

Crude oil lost its shine on global demand concerns. It hit a low of  $69.67 at the time of writing and is currently trading around $69.98.

OPEC has lowered its forecast for Chinese oil demand growth to 580,000 bpd, down from 650,000 bpd.   The International Energy Agency (IEA), anticipates a much lower growth rate of 900,000 bpd for 2024.

Iran supply fears eased

Recent reports suggest that Israel has chosen not to target Iranian oil facilities, easing fears of supply disruptions.

Israeli Prime Minister Benjamin Netanyahu informed the U.S. that Israel intends to concentrate its military efforts on Iranian military sites rather than targeting oil infrastructure.

US dollar index - Bullish

US treasury yield-  bullish (negative for commodity market).

Major resistance- $71.50. Any breach above will take the commodity to the next level $71.80/$72.45/$73. Major trend reversal only above $80.

The near-term support is around $69.50, any violation below targets $68.45/$67/$66.

Indicators (4- hour chart)

ADX-  Bearish

CCI (50) - Bearish

It is good to sell on rallies around $71.50-55 with SL around $72.50 for a TP of $67.