USOIL
Oil is trading above the support level of $64.40, and prices are likely to move sideways between the minor resistance level of $67.85 and the aforementioned support level.
Support |
64.40 | 62.25 | – |
Resistance | 67.85 | 70.85 |
75.50 |
Oil prices witnessed a significant increase during today’s trading session, supported by fundamental factors, most notably statements from OPEC+ regarding the potential extension of production cuts until the end of the fourth quarter. Additionally, U.S. crude inventories declined more than expected, according to the Energy Information Administration report. Economic data released from China the world’s second largest oil consumer also fueled optimism about continued demand recovery, which was immediately reflected in the markets, pushing prices to levels not seen in nearly two months.
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