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On Monday, WTI oil prices were under pressure, approaching the round level of $57.00.
Tensions between the US and Venezuela reached new heights last week after President Donald Trump announced the detention of an oil vessel by the US Coast Guard off the coast of Venezuela. However, this news did not alleviate concerns about potential oil supply disruptions from Venezuela. Additionally, given the ongoing bearish sentiment towards the US dollar, the oil market found no support.
In geopolitical terms, Ukrainian President Volodymyr Zelensky held five-hour talks with American envoys on Sunday and proposed abandoning the strategy of joining NATO. American diplomat Steve Witkoff noted significant progress, though without providing any additional details. The negotiations are set to continue on Monday, but optimism surrounding this development is negatively affecting oil markets.
Moreover, oil prices remain near their lowest levels in two months, as improved demand in China has helped compensate for global production, which is outpacing consumption. Visible demand for oil and refining activity in China in November was higher than the previous year, impacting global crude oil prices and maintaining downward pressure.
From a technical standpoint, oscillators on the daily chart are negative, confirming the bearish outlook. Prices are near a two-month low at the round level of $57.00. For bulls to have a chance at growth, traders need to overcome the 20-day SMA, which is near the round $59.00 level.
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