Crude oil prices fell for the fourth consecutive week last week. A substantial increase in inventories and record production were the main reasons for the decline in crude oil prices last week. The entire market has been weak recently due to supply concerns and a significant drop in demand. However, on Friday due to some short sellers Oil prices rose as profit-taking and U.S. sanctions on Russian crude shippers gave oil prices a bit of support.
Market focus this week shifts to the upcoming OPEC+ meeting to discuss further production cuts, which could increase tensions with the United States, while the market focuses on whether Saudi Arabia and Russia extend voluntary production cuts until 2024
Crude oil support and resistance levels will continue to move upward.
Crude oil is currently trading in a range. Support level 74.5 Resistance level 77.8
Comment:
76.3
Comment:
77.9 go short
Trade active
Trade active
Comment:
wait 74
Trade active
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