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US and China are likely to use strategic crude oil reserves, and oil prices fall below the key level of $80 per barrel

In the oil market and the Brent oil index, despite the decline in US crude oil inventories, published news shows that the US and China have planned to use their strategic oil reserves, leading to lower crude oil prices in the market.

Technically, the price currently breaks the significant support level of $80 per barrel in a bearish direction, and the first possibility is to continue the downward trend in the mid-term. Meanwhile, the 55-day moving average price has been broken downwards, which has strengthened the possibility of a mid-term price bearish correction.