FUNDAMENTAL OVERVIEW Oil has been slowly edging lower since yesterday after Saudi Arabia said it was seeking to restore about half the capacity of its cross-country oil pipeline within days, easing some of the recent supply fears. Saudi Aramco said it was working to bypass a damaged section of the route, allowing it to resume part of the pipeline’s capacity. The company is aiming to restore the pipeline to full capacity in about six weeks.Meanwhile, Trump told reporters yesterday that the US was “hopefully toward the end” of the war with Iran, adding that he has spoken with Tehran “directly”. This is different from his previous hawkish comments saying that the war would not end until after the midterms. Maybe, $100 oil, rate hikes and elevated bond yields are putting more pressure on Trump to get out of this mess.Lastly, Axios reported that Trump is expected to hold a meeting with Gulf leaders on the sidelines of the UN General Assembly in New York next Tuesday to discuss the next steps in the war with Iran. Axios highlighted that last year, Trump met during the UN General Assembly with leaders from eight Arab and Muslim countries and presented them with his draft Gaza peace plan. He presented it publicly a week later. A deal to end the war was reached shortly afterward.Taken together, these are signals of potential de-escalation which might keep oil prices in check for now around the recent highs. Stronger signs of de-escalation will likely trigger selloffs in oil prices, so traders stay laser-focused on the live feed for incoming breaking news and Trump’s Truth Social posts. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil(CFD contract) rejected the key resistance zone around the 105.00 level and pulled back. The sellers stepped in around the resistance with a defined risk above it to position for a drop into the lower bound of the channel around the 85.00 level. The buyers, on the other hand, will want to see the price breaking above the resistance to increase the bullish bets into the 111.00 handle next. CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have an upward trendline defining the bullish momentum. The buyers will likely lean on the trendline with a defined risk below it to keep pushing into new highs. The sellers, on the other hand, will look for a break lower to increase the bearish bets into the lower bound of the channel.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor downward trendline defining the recent pullback into the 4-hour trendline. The sellers will likely continue to lean on the trendline to keep pushing into new lows, while the buyers will look for a break higher to pile in for new highs with more conviction. The red lines define the average daily range for today. UPCOMING CATALYSTSTodaywe get the US Jobless Claims figures, but traders will continue to keep a close eye on the developments in the Middle East. This article was written by Giuseppe Dellamotta at investinglive.com.