đź‘€ Possible scenario:
Oil prices rose nearly 1% on May 8, lifted by optimism ahead of U.S.-China trade talks scheduled for May 10 in Switzerland, where Treasury Secretary Scott Bessent will meet with China's top economic official to address trade tensions. The potential easing of the dispute between the world’s largest oil consumers could support demand. However, gains were capped by concerns over inflation and unemployment after the Fed kept interest rates unchanged.
U.S. crude inventories fell by 2 million barrels, and production slightly declined, offering additional price support. Still, Citi Research lowered its 3-month Brent forecast to $55, citing ongoing supply risks and uncertainty around a possible U.S.-Iran nuclear deal.
âś… Support and Resistance Levels
Now, the support level is located at 58.80.
Resistance level is now located at 62.80 .
Oil prices rose nearly 1% on May 8, lifted by optimism ahead of U.S.-China trade talks scheduled for May 10 in Switzerland, where Treasury Secretary Scott Bessent will meet with China's top economic official to address trade tensions. The potential easing of the dispute between the world’s largest oil consumers could support demand. However, gains were capped by concerns over inflation and unemployment after the Fed kept interest rates unchanged.
U.S. crude inventories fell by 2 million barrels, and production slightly declined, offering additional price support. Still, Citi Research lowered its 3-month Brent forecast to $55, citing ongoing supply risks and uncertainty around a possible U.S.-Iran nuclear deal.
âś… Support and Resistance Levels
Now, the support level is located at 58.80.
Resistance level is now located at 62.80 .
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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.