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Oil prices maintain their weekly gains

Technical Analysis
By Ahmed Ashraf
Oil prices maintain their weekly gains
0 1

USOIL

النفط الخام 8-12-2025

Oil is trading above the $59.50 support zone, and prices are likely to rise to retest the $60.75 resistance level. This bullish scenario will be invalidated if the $59.50 support is broken to the downside during today’s trading.

Support

 59.50 58.30
Resistance 60.75

61.75

Oil continued to advance during today’s session, supported by improved risk appetite in the markets amid growing expectations of an upcoming U.S. interest rate cut, which is boosting growth prospects and energy demand. The rally was also underpinned by sustained sensitivity to geopolitical risks affecting supply, particularly amid the global overlap between political and energy-related developments. Technically, holding above key support levels reflects strengthening short-term bullish momentum, while markets remain focused on any developments from the Federal Reserve or geopolitical developments that could reshape price trends in the coming sessions.

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Ahmed Ashraf

Technical Analyst & Economic Researcher at LDN Global Markets

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