Oil: A Third Consecutive Rise

USOIL

Oil is trading above the support zone of $62, and prices are likely to rise and retest the resistance zone of $66.50. However, this scenario would be invalidated if the aforementioned support zone is broken to the downside.

Crude oil prices recorded a slight increase, with Brent crude rising to $67.09 per barrel and West Texas Intermediate (WTI) reaching $63.26 per barrel, marking the third consecutive session of gains.

Fundamental Factors
Oil prices were influenced by several fundamental factors, including:

• Production Policies: Markets are anticipating the upcoming OPEC+ meeting scheduled for May 5, where members are expected to discuss the possibility of increasing production, which could impact the supply-demand balance.

• Global Economy: Ongoing uncertainty regarding global economic growth, particularly amid trade tensions between the United States and China, which could affect global oil demand.

Future Outlook
Given these factors, oil prices are expected to remain volatile in the short term, with the potential for the upward trend to continue if geopolitical tensions are contained and global demand indicators improve. It is crucial for investors to monitor upcoming developments, especially OPEC+ decisions and key economic data, to determine the future direction of prices.

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