Macro:
- Oil prices stay weak as trade war fears weigh on global growth and energy demand.
- The IEA cut its 2025 oil demand growth forecast to just 730k bpd, the slowest pace in five years, down from 1.03 mln.
- Meanwhile, OPEC+ output is rising, with Saudi Arabia set to boost exports to China in May and Russia maintaining steady production, fueling oversupply concerns.
Technical:
- USOIL is in a clear downtrend fueled by lower highs and lows. The price is below both EMAs, indicating persistent downward momentum.
- If USOIL closes above the resistance at 63.30, the price may retest the following resistance at 65.80.
- On the contrary, remaining below 68.30 may pave the way to retest the support at 57.25 and 53.85, respectively.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Oil prices stay weak as trade war fears weigh on global growth and energy demand.
- The IEA cut its 2025 oil demand growth forecast to just 730k bpd, the slowest pace in five years, down from 1.03 mln.
- Meanwhile, OPEC+ output is rising, with Saudi Arabia set to boost exports to China in May and Russia maintaining steady production, fueling oversupply concerns.
Technical:
- USOIL is in a clear downtrend fueled by lower highs and lows. The price is below both EMAs, indicating persistent downward momentum.
- If USOIL closes above the resistance at 63.30, the price may retest the following resistance at 65.80.
- On the contrary, remaining below 68.30 may pave the way to retest the support at 57.25 and 53.85, respectively.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Related publications
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.