USOIL
Oil is trading above the $58.30 support zone, and prices are likely to move sideways between this support area and the $61.25 resistance zone during today’s session.
|
Support |
58.30 | 56.30 |
| Resistance | 61.25 |
62.40 |
Oil prices edged higher, with Brent crude rising about 0.25% to around $63.67 per barrel, while WTI crude gained roughly 0.29% to $59.61. The upward correction followed a sharp 2.1% drop on Wednesday, driven by reports suggesting a possible settlement in the Russia Ukraine crisis, which could pave the way for increased oil supply. However, a significant drawdown in U.S. crude inventories a 3.4 million barrel decline, well above expectations provided short-term support for demand.
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