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Oil prices rise from their lowest level in over a month

Technical Analysis
By Mostafa Mahmoud
Oil prices rise from their lowest level in over a month
0 5

USOIL

النفط الخام 6-8-2025

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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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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