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Oil rises from its lowest level in several years

Technical Analysis
By Mostafa Mahmoud
Oil rises from its lowest level in several years
0 3

USOIL

النفط الخام 6-3-2025

Oil is trading around the support level of $66.55, and prices are likely to rebound upwards, targeting the resistance level of $68.35. This scenario would be invalidated if the mentioned support level is broken to the downside.

Support

 66.55 65.00 –
Resistance 68.35 70.70

72.90

Crude oil prices have remained relatively stable, with Brent crude trading around the $76 per barrel level. This stability is attributed to a balance between market-influencing factors, including expectations of a global oil demand increase by approximately 1.25 million barrels per day in 2025, bringing the total demand to 104.9 million barrels per day, according to the African Energy Chamber report.

Additionally, the OPEC+ alliance has decided to postpone the planned production increase until April 2025 to support the oil market, indicating the organization’s commitment to maintaining price stability in the face of potential challenges in supply and demand.

Overall, oil prices are expected to remain stable within the $70-75 per barrel range throughout the year, with the possibility of minor fluctuations due to geopolitical developments and changes in global demand.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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