Oil Prices Edge Up on Technicals and Geopolitics, But Uncertainty Remains
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WTI oil price finished higher for a second week, with technicals hinting at further upside but geopolitics remains a key driver.
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Deal between Venezuela and US unlikely to impact oil markets in short-term according to experts and OPEC.
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Middle East conflicts continue to support high oil prices, with Israel ground offensive in Gaza and attacks on US bases.
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US government hopes to purchase 6 million barrels for strategic reserve, which could lead to volatility.
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Technicals point to potential for new highs, but geopolitical risks like Israel-Palestine tensions could spark deeper pullback.