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Slight increase in oil prices today

Technical Analysis
By Ahmed Ashraf
Slight increase in oil prices today
0 1

USOIL

النفط الخام 10-2-2025

Oil is trading above the support zone of $70.75, and prices are likely to rebound upwards and retest the resistance zone at $72.50. This scenario would be invalidated if the previously mentioned support zone is broken to the downside during today’s trading.

Support

 70.75 68.75 –
Resistance 68.75 74.50

–

Oil prices witnessed a slight increase today, with Brent crude reaching $75.06 per barrel, while West Texas Intermediate (WTI) crude stood at $71.40 per barrel.

This rise comes after three consecutive weeks of declines, supported by growing global trade tensions, particularly following U.S. President Donald Trump’s announcement of plans to impose reciprocal tariffs that match the rates set by each country. These tariffs are expected to be announced on Tuesday or Wednesday.

Additionally, the markets were affected by Trump’s announcement of plans to impose additional tariffs on U.S. imports of steel and aluminum, raising concerns about escalating trade tensions and their impact on the global economy.

You can now benefit from LDN company’s services through the LDN Global Markets trading platform.

Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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