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OIH LATEST HEADLINES
DAX holds firm near 23,550 as traders monitor Iran-Israel ceasefire, tariff threats, and Fed rate signals ahead of key US economic data.
WTI holds near $65 as oil inventory draws highlight strong U.S. demand, but resistance at $67.10 caps further gains amid cautious sentiment.
WTI crude oil dropped sharply from the $77 resistance after the Iran-Israel ceasefire, while natural gas weakened toward the $3 level.
Oil prices inched higher, extending gains from the previous day as a larger-than-expected draw in U.S. crude stocks signalled firm demand, while investors remained cautious about the Iran-Israel ceasefire and stability in the Middle East.
The S&P 500 and Nasdaq Composite are both within 1% of all-time highs.
Oil traders weigh their next moves after recent developments in the Middle East.
U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 0.2% on Wednesday.
Gasoline inventories decreased by 2.1 million barrels from the previous week.
The crude oil market seems to be stabilizing on Wednesday, as the markets have found the previous resistance level to be supportive. That being said, a day or tow of calm action is the recipe for a longer-term run higher.
Oil prices are dropping further, and U.S. stocks are pulling close to their all-time high Tuesday on hopes that Israel's war with Iran will not damage the global flow of crude, even if a tentative truce seemed to fray under fire in the morning.