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Oil records its fourth consecutive weekly gain

Technical Analysis
By Mostafa Mahmoud
Oil records its fourth consecutive weekly gain
0 4

USOILالنفط الخام 13-1-2026

Oil is trading below the resistance level at $60.20, and this area is likely to limit the upward momentum during today’s trading session.​

Support

 59.35​ 57.65​
Resistance 60.20​

61.10​

Crude oil prices witnessed bullish movements in global markets, mainly supported by rising geopolitical concerns over oil supplies particularly in the Middle East which prompted investors to raise their estimates for oil demand and the risks of supply disruptions. As a result, oil prices climbed and extended their gains over several consecutive sessions, as markets closely monitor developments in Iran and other major producing regions.

International news also indicates that tensions surrounding Iranian oil exports, along with broader reports of supply side concerns, have been among the key factors supporting prices, while market expectations remain influenced by the production policies of OPEC and its allies.

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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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