Oil loses 2.5% amid Middle East war development

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BRENT crude oil is losing more than 2.5% during Monday's trading session. Although the sell-offs have been quoted since the beginning of the day, their scale accelerated after communications by Al Arabiya TV, where it was reported that Hamas will release an unspecified number of foreign hostages in the coming hours. This information somewhat softens the uncertainty surrounding the ongoing dispute.

Brent crude oil is currently testing the support set by the 23.6% retracement level of fibonacci of the upward wave initiated in March this year.

Source: xStation 5

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