Crude oil futures chart patterns suggest a consolidation phase

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Crude oil futures chart patterns suggest a consolidation phase after last week’s rally. MACD reading is turning bullish, supported by geopolitical tension in the Middle East, which may drive speculative buying. Traders eye resistance at $80 and support near $76. Crude oil is a highly liquid market in the futures arena, whereas ethanol and coal futures have far less open interest and daily volumes, which increases the odds of price volatility. However, Saudi Arabia is likely to gain more leverage in future showdowns as it continues to diversify its economy. The country is accelerating its $2.5 trillion mining plans, while also investing in technologies to optimize oil production and lower carbon emissions. Saudi Arabia’s mineral reserve potential has grown dramatically over the past decade, from $1.3 trillion forecasted eight years ago to $2.5 trillion currently. The Kingdom has set a goal to rapidly grow the mining sector, with its contribution to the economy expected to jump from $17 billion to $75 billion by 2035. Present crude oil futures chart movements indicate a growing inverse correlation with the U.S. Dollar Index. As dollar weakness extends, commodity inflows are favoring crude, especially among macro funds reallocating portfolios.

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