Additionally, geopolitical tensions in the Middle East and comments from Russian officials about market balance added to the complex outlook for oil and natural gas.
USOIL is trading at $81.60, down 0.43%. On the 4-hour chart, key levels include a pivot point at $81.95. Immediate resistance is at $82.56, followed by $83.07 and $83.72. Support levels are at $81.30, $80.76, and $80.20.
The 50-day EMA is $82.30, and the 200-day EMA is $80.99. A bearish outlook is expected below $81.95, but a break above this level could shift sentiment to bullish.
UKOIL is currently priced at $84.59, down 0.28%. The 4-hour chart highlights key levels with a pivot point at $84.97. Immediate resistance is at $85.54, followed by $86.18 and $86.76. Support levels are identified at $84.43, $83.97, and $83.46.
The 50-day EMA is $85.24, while the 200-day EMA is $85.13. The outlook remains bearish below $84.97; a break above this level could shift momentum towards a bullish trend.
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.