Oil – Daily Analysis

Oil continues to hover above the key support level, refusing to make the next move obvious. The bulls are still defending the line, but the longer price lingers here, the more important every supporting signal becomes. Just a week ago, the Brent–WTI spread was almost zero—as if the Brits had suddenly discovered an oil basin under Buckingham Palace. Today, it looks like they have already forgotten where they put the drill. The spread has widened again, and that shift may be one of the more useful clues about what crude is preparing to do next. CANDLES & TA: Today, oil tried to confirm the bullish Hammer but could not quite get there. At the same time, it did not commit to the bearish path either, leaving the daily frame unresolved. The 2D frame delivered another notable failure to close at a lower low, following a similar failure on the 3D…