Oil prices face resistance and fail to break above crucial levels due to a lack of market catalysts amid global economic uncertainties. Downbeat economic data from both the US and Eurozone contribute to a dimmed global economic outlook. Additionally, Eurozone inflation dips further, adding to the prevailing uncertainties in the oil market.
Oil prices are trading lower following the prior retracement from the resistance level, suggesting the commodity might extend its losses since the RSI retreated sharply from overbought territory.