

Market Analysis
WTI
Prediction: Decrease
Fundamental Analysis:
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $75.15 on Thursday. The WTI price is declining as concerns about slower economic growth in China weigh on the market. The potential risks to oil supply from the Middle East and Libya may provide some support and limit further losses. The slowdown in China's economy and oil demand is raising concerns about the health of the world's largest oil importer, putting downward pressure on WTI prices. According to Amarpreet Singh, an analyst at Barclays, "Demand in China remains weak, and there are no credible signs of a rebound in the second half of the year."
Technical Analysis:
The price of crude oil has found solid support at the $75.00 level, which could lead to a rebound and a potential test of the key resistance at $76.86. These levels are critical for determining the next trend. The price needs to break through one of these levels to clarify the next direction, so caution is advised in upcoming trades as these levels will indicate future targets.
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