USOIL
Oil is trading above the support zone at $64.15, and prices are likely to rise and retest the resistance area at $66.70. This scenario would be invalidated if the aforementioned support zone is broken to the downside during today’s trading session.
|
Support |
64.15 | 62.25 | 60.30 |
| Resistance | 66.70 | 66.70 |
– |
Oil prices saw a limited rise at the start of today’s trading session before retreating by around 0.2% by the end of the day, with Brent crude settling near $86.7 per barrel, while West Texas Intermediate (WTI) recorded approximately $83.6 per barrel.
The market was negatively affected by expectations of increased OPEC+ supply starting in August, along with easing geopolitical tensions in the Middle East, which raised concerns about a potential oversupply. Although demand remains relatively stable, current fundamentals do not support a strong upward trend in the short term. Investors are closely watching upcoming U.S. inventory data and OPEC+ updates in the coming weeks to gain a clearer view of the market direction, as volatility remains high amid fluctuating market fundamentals.
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