Market News:
Saudi Arabia has initiated a price war in the Asian market. With the Strait of Hormuz reopening and global oil supply continuing to increase, Saudi Aramco on Monday lowered its official selling price (OSP) for its flagship crude oil sold to Asia in August by the largest margin in at least 26 years, in an effort to attract Asian buyers.
According to price lists obtained by foreign media, Saudi Aramco lowered its OSP for August Arab Light crude oil by $11 per barrel, representing a discount of $1.50 per barrel to the regional benchmark price. This reduction is significantly larger than the $8 per barrel figure widely expected in a Bloomberg survey.
Technical Analysis:
Today's Buy/Sell Threshold:
0.6944
Support and Resistance Levels:
0.6981
0.6967
0.6958
0.6930
0.6921
0.6907
Trading Strategy:
A break above 0.6958 suggests a buy entry, with a first target price of 0.6967.
A break below 0.6944 suggests a sell entry, with a first target price of 0.6930.
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