The recent price action in Crude Oil indicates that the market needs some rest as we haven’t seen a sustained rally despite the big geopolitical risk in the Middle East between Israel and Iran. Overall, the fundamentals remain supportive for the market as we’ve been seeing a pickup in economic activity, although the expectations for rate cuts continue to dwindle. The technicals will be important to monitor as a drop below the key $83 support zone could start to signal a turnaround in the bullish trend. {chart} On the daily chart, we can see that Crude Oil got stuck in a consolidation lately with a slight bearish tilt ... (full story)