USOIL
Oil is trading below the $64.25 resistance zone, and prices are likely to decline and retest the $61.50 support area. This scenario would be invalidated if the aforementioned resistance is broken to the upside.
|
Support |
61.50 | 60 | – |
| Resistance | 64.25 | 66 |
– |
Oil is trading today within a narrow downward range, with Brent crude slipping slightly to around $67.8 per barrel, while WTI declined to approximately $63.9. The main pressure stems from concerns over U.S. economic weakness and persistent oversupply, which weigh on demand expectations. Although the Federal Reserve’s rate cut provided general support to financial markets, its impact on oil remained limited compared to U.S. inventory data, which showed an increase in distillates and signs of weaker consumption. On the other hand, falling crude stockpiles and a surge in U.S. exports to nearly a two-year high offered relative support, preventing a sharper decline. The market is now watching the balance between these factors, with the $67 level for Brent and $63 for WTI seen as key areas to monitor for the next move.
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