👀 Possible scenario:
Oil prices saw a slight rebound on April 24 after a 2% drop, with Brent crude rising 0.8% to $66.65 and West Texas Intermediate up 0.88% to $62.82. Investors weighed potential OPEC+ output increases against mixed U.S.-China trade signals and ongoing U.S.-Iran nuclear talks.
OPEC+ might accelerate output hikes in June, but internal disagreements, like Kazakhstan prioritizing national interests, added uncertainty. Analysts warned that the U.S.-China trade war could halve China's oil demand growth, while U.S.-Iran talks raised the possibility of easing sanctions on Iranian oil, which could pressure prices further.
✅Support and Resistance Levels
Now, the support level is located at 62.55.
Resistance levels are now located at 67.70.
Oil prices saw a slight rebound on April 24 after a 2% drop, with Brent crude rising 0.8% to $66.65 and West Texas Intermediate up 0.88% to $62.82. Investors weighed potential OPEC+ output increases against mixed U.S.-China trade signals and ongoing U.S.-Iran nuclear talks.
OPEC+ might accelerate output hikes in June, but internal disagreements, like Kazakhstan prioritizing national interests, added uncertainty. Analysts warned that the U.S.-China trade war could halve China's oil demand growth, while U.S.-Iran talks raised the possibility of easing sanctions on Iranian oil, which could pressure prices further.
✅Support and Resistance Levels
Now, the support level is located at 62.55.
Resistance levels are now located at 67.70.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.