Oil prices are giving up their gains for this Thursday and are at risk of making it a four-day-losing-streak after gains turned into a small loss on the back of headlines that Hamas is positive on the current ceasefire deal that is on the table. More diplomatic efforts are being pushed forward in Gaza to broker a ceasefire deal, which would ease tensions in the region. Next to that, the US Energy Information Administration reported on Wednesday one of the biggest Crude stockpile build-ups seen in a long time.
The TradingPro modifies see pressure building on an intermediate level at 105.50, after several attempts over the past two weeks to break below it. The level still holds though, ahead of the US Jobs report for May, to be released on Friday. The overnight Federal Reserve rate decision did not hold any big changes and Fed Chairman Jerome Powell confirmed that the Fed wants to see inflation first coming down further before considering a cut.
Crude Oil (WTI) trades at $78.90 and Brent Crude at $83.60 at the time of writing.
