USOIL
Oil is trading above the $62.25 support level, with prices likely to break below it, targeting the $60.10 level. This scenario would be invalidated if the Minor resistance level at $63.75 is breached to the upside.
|
Support |
62.25 | 60.10 | – |
| Resistance | 63.75 | 65.50 | 68.35 |
Oil prices fluctuated near their lowest levels in two months, with Brent crude hovering around $66 per barrel and West Texas Intermediate steady near $63. This weak performance came under pressure from American Petroleum Institute data showing an increase in inventories by about 1.52 million barrels, reflecting weaker demand at the peak of the summer consumption season. Additionally, forecasts from the U.S. Energy Agency and OPEC of higher global supply limited any upward attempts, with estimates suggesting Brent prices could fall below $60 in the final quarter of the year and possibly to $50 during 2026.
On the geopolitical front, traders are awaiting the anticipated meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska, amid speculation that the discussions could include the issue of sanctions on Russian oil an outcome that could directly impact supply balances. This combination of fundamental and geopolitical pressures has kept the market cautious, with price movements remaining limited as participants await clearer signals in the coming days.
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