USOIL
Oil is trading above the $62.15 support level, which is likely to limit the pace of the decline during today’s trading.
|
Support |
62.15 | 61.00 | – |
| Resistance | 66.00 | 67.25 |
– |
Crude oil markets witnessed a notable decline in prices, with Brent falling to around $67.4 per barrel, while West Texas Intermediate dropped to nearly $63 per barrel. This downward pressure was driven by investor concerns over a potential increase in global supply, particularly after reports about OPEC+ plans to boost production and the resumption of Kurdistan’s oil exports through Turkey, which reinforced expectations of abundant supply in the market. Additionally, the rise in global inventories intensified worries about the market’s limited ability to absorb the extra volumes, directly weighing on today’s price movements.
You can now benefit from LDN company’s services through the LDN Global Markets trading platform.
