USOIL Strategy AnalysisInternational crude oil markets extended their rebound on Friday, with Brent crude futures breaching $72/bbl and WTI crude rallying above $68/bbl. Weekly closing could mark the second consecutive weekly gain.
Short-term oil prices remain resilient supported by news-driven factors, but the fundamental supply-demand imbalance remains unresolved over the long term. Recommend focusing on technical analysis, participating in range-bound trading with light positions, maintaining strict stop-loss discipline, and avoiding chasing momentum.
Consider initiating light long positions near $66.10-$66.80 with a target of $68.40-$69.00.
Oil trading strategy:
buy @ 66.1-66.8
tp 68.4.0-69.0
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