Oil Flattens Despite Heightened Tensions Over Recognition Of Palestinian State    

Oil prices are flat on Wednesday after headlines came out that Norway, Ireland and Spain will recognize a Palestinian state in a surprising move. Israel was quick to recall their embassy personnel from those countries. depositphotos The move underlines the concerns on how Israel is dealing with the situation in Gaza, disregarding calls for a ceasefire and to allow more humanitarian help in the strip. Meanwhile, the US Dollar Index (DXY), which tracks the performance of the US Dollar against a basket of six major currencies, is moving in a tight range ahead of an eventful 24 hours where volatility is expected to increase. Nvidia (NVDA) is set to release its earnings near 16:00 GMT, after which the Federal Reserve (Fed) will publish the Minutes from their latest monetary policy decision.  On Thursday, the economic calendar gains traction, with Jobless Claims data having the potential to trigger some waves. In this context, the DXY looks set to break out of its tight range for this week.At the time of writing, Crude Oil (WTI) trades at $78.22 and Brent Crude (BNO) at $82.35. Oil news and market movers: OPEC cuts not helping

 Oil Technical Analysis: Stand still despite all moving partsOil prices are back to flat after the brief downward excursion this Wednesday on the back of the headlines around the Palestinian state. Again all eyes are on the US, which is heavily disrupting the Oil markets by filling in the gap of the OPEC supply cuts. A lot of questions are now arising on the geopolitical front, namely if the US will remain standing by Israel as an ally despite mounting criticism across the globe. A retreat in the Middle East could mean an end to diplomacy with escalations and elevated Oil prices as the end result, a narrow path for the US to navigate through.  On the upside, the line in the sand remains at the 200-day Simple Moving Average (SMA) at $79.61. Once above that level, a double layer comes up with the 100-day SMA at $81.27. In case of an upward extension above that zone, the road is open for $87.12 again. On the downside, the pivotal level at $75.28 is the last solid line that could support the decline. If this level is unable to hold, investors could expect an accelerated sell-off towards $72.00 and $70.00, erasing all gains for 2024. Further down, Oil price could test $68, the December 13 low. US WTI Crude Oil: Daily ChartMore By This Author:Gold Price Edges Lower For Second Day On Bleak Interest-Rate Outlook
AUD/USD Price Analysis: Bull Flag continuation pattern possibly forming
Canadian Dollar Middles On Monday, BoC CPI Inflation Around The Corner