Oil News: Will Russia-Ukraine Tensions Drive Crude Prices Past Key Resistance?
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Crude oil prices surged by 6.46% last week due to escalating tensions between Russia and Ukraine, as well as a recovery in demand from China. The market is watching to see if prices can break the resistance level of $71.53.
November 23, 2024 | 8:30 am
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The United States Brent Oil Fund (BNO) is likely to be impacted by the recent 6.46% surge in crude oil prices, driven by geopolitical tensions and demand recovery.
BNO, which tracks Brent crude oil prices, is directly affected by changes in crude oil prices. The recent 6.46% increase in crude oil prices due to geopolitical tensions and demand recovery in China suggests a potential positive impact on BNO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80