Analyst Tina Teng noted the oil price surge was driven by optimistic demand outlooks and reduced U.S. inventories. However, concerns about high interest rates potentially limiting fuel consumption and economic growth remain.
The market is also watching U.S. personal consumption expenditures data for clues on Federal Reserve rate decisions. Additionally, geopolitical tensions, including Ukrainian attacks on Russian oil infrastructure and EU sanctions on Russia, support oil prices.
USOIL is trading at $81.65, down 0.07%. Key levels to watch include the pivot point at $81.51. Immediate resistance is at $82.06, $82.55, and $83.05. Support levels are $81.06, $80.23, and $79.52.
The 50-day Exponential Moving Average (EMA) is at $80.03, and the 200-day EMA is at $78.93, suggesting a bullish trend above these levels.
In conclusion, USOIL remains bullish above $81.51. A break below this level could trigger a sharp selling trend, so traders should monitor these key levels closely for informed decisions.
Brent Oil Price Forecast
UKOIL is trading at $85.18, down 0.01%. The pivot point is at $85.02. Immediate resistance levels are $85.54, $86.05, and $86.59. Support levels are $84.43, $83.82, and $83.28.
The 50-day Exponential Moving Average (EMA) is at $84.16, and the 200-day EMA is at $83.20, suggesting a bullish trend above these levels.
In conclusion, UKOIL remains bullish above $85.02. A break below this level could trigger a sharp selling trend, so traders should monitor these key levels closely for informed decisions.
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.