However, weak crude imports and refining throughput in China raised concerns about global demand, countering the positive impact of robust summer consumption in the U.S.
USOIL is currently trading at $82.38, up 0.28%. On the 2-hour chart, the pivot point is at $82.09. Immediate resistance levels are $82.77, $83.23, and $83.72. Support levels are $81.62, $80.92, and $80.46.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $82.51 and the 200-day EMA at $81.85, indicating a bullish trend as long as prices remain above the pivot point.
The outlook remains bullish above $82.09, but a break below this level could trigger significant selling pressure.
UKOIL is currently trading at $85.14, down 0.21%. On the 2-hour chart, the pivot point is at $85.18. Immediate resistance levels are $85.87, $86.44, and $87.01. Support levels are $84.61, $84.11, and $83.68.
Technical indicators show the 50-day Exponential Moving Average (EMA) at $85.47 and the 200-day EMA at $85.17, suggesting a bullish trend as long as prices stay above the pivot point.
The outlook remains bullish above $84.61. However, a break below this level could trigger significant selling pressure.
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.