USOIL
Oil is trading around the resistance level of $64.45, and prices are likely to break above it, targeting $66.10. This scenario will be invalidated if the support level of $61.25 is broken to the downside in today’s trading.
|
Support |
61.25 | 59.40 |
| Resistance | 64.45 |
66.10 |
Oil prices saw a notable rise today, supported by increased global demand and expectations of improvement in energy markets. Brent crude futures rose by 1.2%, surpassing the $85 per barrel mark, while West Texas Intermediate crude gained 1.5%, reaching $82. This increase comes amid expectations of a shrinking supply surplus in the markets, especially with a slowdown in production in some major oil-exporting countries, alongside the return of economic activity in key markets.
Geopolitical movements in major oil-producing regions also played a role in boosting gains, as investors await any developments that may affect supply stability. With these gains, optimism is growing among traders about the possibility of this upward trend continuing in the coming period, provided that supporting factors like sustained fuel demand and balanced global market conditions remain in place.
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