WTI Crude Oil Fails Again at $80 Resistance, Drops Below $79
West Texas Intermediate crude oil fell about 1% to below $79 after failing to breach the $80 level for the third consecutive time, with the 50-day EMA providing stiff resistance.
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West Texas Intermediate (WTI) crude oil is trading around $79, down roughly 1% on the session, after another failed attempt to clear the $80 mark. The 50-day exponential moving average sits just above that level and has rejected price for the third time in a row.
Geopolitical tensions in the region have not been enough to push WTI through the ceiling. The commodity continues to struggle at the $80 handle, which has acted as a hard resistance zone.
Source: FXStreet Forex News