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Crude oil prices, particularly WTI, are trading near 10-day lows as attempts to break above $98.00 have failed, signaling a potential 4% weekly decline. The market remains cautious amid mild optimism about a potential US-Iran nuclear deal, which could ease supply concerns. However, broader factors like OPEC+ production policies and weakening global demand continue to weigh on prices.
For traders, the failure to reclaim $98.00 raises bearish momentum, with support levels now critical for short-term direction. A breakdown below $95.00 could accelerate declines toward $90.00, while a rebound above $100.00 might attract buyers. The US-Iran diplomatic developments and OPEC+ meeting outcomes in early 2024 will be pivotal for the commodity's trajectory.
Investors in the MENA region should monitor how geopolitical risks and energy demand from Gulf Cooperation Council (GCC) countries influence oil prices. A successful US-Iran deal could reduce regional tensions but might also increase global supply, creating a mixed outlook. Key technical levels and central bank policies in major economies will also shape market sentiment.
