Oil is now bid above $80 on geopolitical issues: Russian oil refineries attacked by Ukraine drones, Hezbollah releases drone footage of civilian and military areas of an Israeli city. Israeli officials are proclaiming that is a green light for for them to declare war on Lebanon.

(Chart 1)

(Chart 2)

Oil is now trading above its $80 support, probably slightly overbought, yet heavily supported by geopolitical issues.  Namely the Middle East and Russia,  please refer:

* Israel warns of prospect of ‘all-out war’ after Hezbollah publishes video of military, civilian sites - CNN

* Ukrainian drone attacks on Russian oil refineries and infrastructure.  Southern Russia - Reuters

Price support/s:

78, 75, 72

Resistance:

81, 82 (April 2024 highs)

Please refer to Chart 1 and Chart 2.

___

All market commentary and analysis on CHIASMUS to date:  chiasmusmagazine.blogspot.com/search/label/market