USOIL
Oil is trading above the support zone of $56.30. If prices remain stable above this level, it is likely that they will rise and retest the resistance zone at $59.604. This scenario would be invalidated if the previously mentioned support zone is broken to the downside in today’s trading.
|
Support |
56.30 | 54 | – |
| Resistance | 59.60 | 61.30 |
– |
Oil prices declined during today’s session, extending their downward trajectory for the third consecutive week. Brent crude fell to around $61 per barrel, while West Texas Intermediate dropped toward $57, pressured by mounting concerns over slowing global demand and expectations of a potential supply glut in the coming months.
On the fundamental side, signs of easing U.S.-China trade tensions have reduced the geopolitical risk premium that had previously supported prices, while investors now await the outcomes of the upcoming OPEC+ meetings for further direction.
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