Oil continues its gains – Will the rise continue?

USOIL

Oil is trading above the $70.25 support zone, and prices are likely to rebound upwards to retest the $72.75 resistance zone. This scenario would be invalidated if the aforementioned support zone is broken to the downside.

Oil prices have seen a notable increase, with Brent crude rising to $75.41 per barrel and West Texas Intermediate crude reaching $71.47. This surge was driven by geopolitical tensions, most notably the attack on an oil pumping station in Russia, leading to a reduction in supplies from Kazakhstan.

Investors are also awaiting any progress on a potential peace agreement between Russia and Ukraine, which could impact sanctions and alter supply flows. With geopolitical and economic factors continuing to influence the market, oil remains volatile as new decisions may affect its prices.

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