“Crude Oil Shows Cautious Upside Despite Downward Pressures – 08-01-2026 Market Analysis”

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Crude oil settled with modest gains in its recent intraday session, following a release of oversold conditions on the relative strength indicators and a partial retracement of earlier losses, as it attempts to form a temporary consolidation base.

However, signs of weakening bullish momentum are emerging, with negative overlapping signals appearing on the relative strength indicators. The market continues to face downward pressure, trading below the EMA50, while the short-term bearish trend remains dominant. These factors suggest that price movements are likely to remain confined within a limited corrective range for now.

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