USOIL
Oil is trading above the support zone of $62, and prices are likely to rebound upward to retest the resistance zone of $65.75. This scenario would be invalidated if the mentioned support zone is broken to the downside.
|
Support |
62 | 59 | – |
| Resistance | 65.75 | 70 |
– |
Crude oil prices came under clear selling pressure in today’s session, with Brent retreating after a recent wave of gains, driven by a mix of supply and demand factors. The anticipated increase in global supply, along with signs of slowing demand in major economies, contributed to the downside move.
At the same time, investors are closely monitoring developments in the war in Ukraine and U.S. trade policies toward India, both of which add further uncertainty to the outlook. The current performance reflects mounting fundamental and technical pressures, leaving markets on alert for upcoming U.S. inventory data and the next OPEC+ meetings.
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