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Oil drops to its lowest closing price this year

Technical Analysis
By Ahmed Ashraf
Oil drops to its lowest closing price this year
0 0

USOIL

النفط الخام 6-2-2025

Oil is trading above the support zone of $70.75, and prices are likely to move sideways between the aforementioned support zone and the resistance zone of $72.50 during today’s trading session.

Support

 70.75 68.50 –
Resistance 72.50 74.50

79.50

Crude oil prices have experienced significant fluctuations recently. Futures contracts for Brent crude declined by 2.09% to reach $74.61 per barrel, while U.S. crude futures dropped by 2.3% to $71.03 per barrel. However, prices rebounded on Thursday, recovering some of those losses. Brent crude futures rose by 0.38%, or 28 cents, to reach $74.89 per barrel, while NYMEX crude futures increased by 0.46%, or 33 cents, to $71.36 per barrel.

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Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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