Europe’s performance will be key in terms of demand in the near term. Should Europe’s economy start to underperform due to political and sovereign tensions, the risk for a more sluggish outlook could hurt demand. On the other hand, a pickup in demand is expected should Europe’s economy pick up pace.The pivotal level near $3.07 (the high from March 6, 2023) remains key as prices on Wednesday closed above it by just a few cents. Looking up, the red descending trendline at $3.12 would likely slam down any attempts to jump higher. Further up, the fresh year-to-date high at $3.16 is the level to beat.
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