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Oil declines amid geopolitical developments

Technical Analysis
By Ahmed Ashraf
Oil declines amid geopolitical developments
0

USOIL

النفط الخام 5-2-2026

Oil is trading above the 63$ support zone, with prices likely to decline and retest the aforementioned support area, and this scenario would be invalidated by an upside breakout above the 66$ resistance zone during today’s session.​

Support

 63​ 60.50​
Resistance 66​

67​

Crude oil prices fell after Iran and the United States confirmed that they would hold talks in Oman on Friday, easing concerns over a potential military escalation that could affect oil supplies from the Middle East. Brent crude dropped to around $68.25 per barrel, while West Texas Intermediate declined to approximately $64.12 per barrel. The decline came after prices had risen by 3% on Wednesday following reports that the talks might falter, but confirmation from both sides that the meeting would take place helped calm the markets.

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Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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