USOIL
Oil is trading around the support level of $61.65, and prices are likely to target the minor resistance level at $63.90. This scenario would be invalidated if the aforementioned support level is broken to the downside.
|
Support |
61.65 | 59.25 | – |
| Resistance | 63.90 | 65.90 |
70.15 |
In today’s session, oil extended its gains with an increase of more than 1%, as Brent crude rose to $66.3 per barrel, while West Texas Intermediate climbed to $62.6. The move was driven by concerns over potential new sanctions on Russian crude following the military escalation in Ukraine, at a time when OPEC+ decided to raise production by only 137,000 barrels per day, far below previous increases. From a technical perspective, oil managed to hold above key support levels after last week’s losses, reflecting an improvement in short-term risk appetite. However, continued weakness in U.S. economic data is weighing on demand expectations. Markets are now awaiting this week’s U.S. inflation report to determine the next direction for prices.
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