🛢️Crude Oil Prices Expected to Remain Elevated

Upward Pressure: Crude oil prices are anticipated to stay high throughout the first half of the year, likely remaining above the $78 per barrel mark.
Driving Factors: This upward pressure stems from several factors, including:
* Tightening U.S. Sanctions on Russia: These sanctions are expected to significantly impact Russia's ability to maintain its crude oil exports to Asian markets.
* Geopolitical Tensions: Increased U.S. sanctions on both Russia and China are likely to remain a key factor influencing the oil market's trajectory in 2024.

Technical Outlook:

*📉Bearish Scenario*: If crude oil prices sustain above $78.50 per barrel, potential resistance levels include: $79, $79.50, $80.
*📈Bullish Scenario*: If crude oil prices fall below $77.50 per barrel, potential support levels include: $77, $76.50, $76.

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