USOIL
Oil is trading below the $64.85 resistance level, and prices are likely to break above it, targeting the $66.80 level. This scenario would be invalidated if the $62.50 support level is broken to the downside.
|
Support |
62.50 | 60.00 | 57.80 |
| Resistance | 64.85 | 66.80 |
– |
Crude oil prices witnessed a notable rise today, amid a cautiously optimistic mood in the markets, driven by geopolitical factors and signs of improving global demand. Brent crude climbed to trade above $83 per barrel, while West Texas Intermediate (WTI) approached levels near $79, posting daily gains of approximately 1.2%.
This improvement comes amid indications of tightening supply from some producing countries, along with a relative easing of trade tensions between the United States and China, which has supported investor appetite for commodity-linked assets. Nevertheless, markets remain alert to upcoming U.S. inventory data and the Federal Reserve’s policy decisions, which could potentially reshape market direction in the medium term.
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