Why Oil Prices Might Be Setting Up for a Bounce Higher

Abigail Doolittle discusses the current state of the oil market, highlighting its recent gains and the impact of a bullish inventories report. The video explores the relationship between oil and the dollar, noting their unusual simultaneous rise this year. Dan Russo provides insights into the strength of the dollar due to higher US interest rates and its effect on commodities like gold and copper. The video also examines seasonal trends in oil prices, suggesting a potential rise in the coming weeks. A trading strategy is proposed, emphasizing support levels and momentum indicators for crude oil.

What is the significance of the $64 level in the context of oil trading?

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What does the speaker suggest about the future price movement of crude oil?

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