Oil Prices Struggle Below 71.78 – Bearish Trend in Play USOIL Analysis – February 17, 2025
Oil Holds Steady Amid U.S.-Russia Talks and Kurdistan Export Hopes
Oil prices remain stable as the market watches geopolitical developments, with U.S. and Russian officials set to meet in Saudi Arabia to discuss a potential resolution to the Ukraine conflict. Brent crude and WTI both saw a slight uptick of 0.4%, reaching $75.07 and $71.02 per barrel, respectively.
The overall sentiment suggests that demand for physical oil remains weak, while a potential peace agreement could lead to the lifting of Western sanctions and a partial resumption of Russian oil flows to Europe. Additionally, Iraq’s Kurdistan region has signaled that its long-halted oil exports might resume next month, adding further uncertainty to supply expectations.
Technical Outlook
WTI crude remains in a bearish trend as long as it trades below the 71.78 - 72.72 zone. If the price fails to reclaim this range, further downside pressure is expected, with targets at 68.55 and 67.03 per barrel. Given the current geopolitical landscape, sellers should remain in control unless a significant bullish catalyst emerges.
Key Levels to Watch
🔹 Pivot Zone: 70.50 - 71.78
🔹 Resistance Levels: 72.72, 75.00, 77.37
🔹 Support Levels: 68.53, 67.03, 63.51
📉 Trend Outlook: Bearish while below 71.78. Further declines could accelerate if 68.53 is breached.
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