USOIL
Oil is trading around the $67.00 resistance level, and this area is likely to limit the pace of the upward movement during today’s trading.
|
Support |
64.30 | 62.35 | 60.50 |
| Resistance | 67.00 | 70.30 |
– |
Crude oil prices edged lower today, with Brent crude falling to around $69.36 per barrel and West Texas Intermediate (WTI) retreating to $67.66. This decline was driven by several pressures, most notably the announcement by the United States of new tariffs set to take effect in August, which raised concerns about a potential slowdown in global energy demand. Additionally, OPEC+ announced a larger than expected increase in production, with an uptick of approximately 548,000 barrels per day.
Nevertheless, signs of strong demand continue to support the markets particularly in the United States, which saw significant travel activity during the Fourth of July holiday. Fuel consumption in India also rose by 1.9% compared to last year. This balance between rising supply and sustained strong demand has resulted in fluctuating oil prices, as markets remain watchful for any new economic data that could influence the price direction in the coming period.
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