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Oil prices are rising today amid geopolitical tensions

Technical Analysis
By Mostafa Mahmoud
Oil prices are rising today amid geopolitical tensions
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USOIL

النفط الخام

Oil is trading above the support level of 69.50$. It is likely that we will target the minor resistance level of 70.50$. This scenario will be invalidated if the previously mentioned support level is broken to the downside.

Support

 69.50 66.75 –
Resistance 70.50 71.40

72.75

Oil prices rose significantly yesterday, driven by positive reports on global demand, as well as a decline in U.S. inventories. Brent crude futures saw a steady increase throughout the session, responding to improvements in China’s economic indicators, which provided significant support for energy demand. Technical factors also supported this rise, as prices broke through key resistance levels, prompting traders to strengthen their long positions. Meanwhile, ongoing reports of production cuts by OPEC+ continued to provide psychological support for the market, as the group maintains its policy of reducing supplies to stabilize prices. Ultimately, oil ended the day with strong gains, reflecting investor optimism about the continued market recovery amid positive demand forecasts in the near term.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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