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US Oil Tests Key Resistance

WTI crude steadies as Russia bans countries that abide by the Western price cap. On the daily chart, the commodity would remain in a downtrend unless it manages to break free of 82.00. A bearish RSI divergence suggests slowing momentum as the price tests this major supply area. The resistance-turned-support at 77.00 is the level to assess the strength of follow-through. Its break would make the price vulnerable to a new round of sell-off, possibly towards the recent low and psychological level of 70.00.

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