Oil News: Crude Oil Retreats as War Premium Recedes on Ceasefire
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Oil Craters Below $100 as Ceasefire Unwinds War Premium
Five weeks of war premium built up in the oil market evaporated in a single session after the U.S. and Iran agreed to a two-week ceasefire. Crude cratered below $100, the entire energy complex sold off hard, and traders who had been long the fear trade headed for the exits all at once. The technical damage is significant, but there are key support levels that could determine whether this is a one-day flush or the beginning of a much bigger move lower. Here is what the charts are saying and what traders should be watching over the next two weeks.