WTIUSD

WTI oil prices continue to remain under pressure following the ceasefire agreement between Israel and Lebanon. However, the tough statements by Israeli Prime Minister Netanyahu and the possibility of postponing the production increase decision at the OPEC+ meeting make it difficult for prices to reach new lows. The trends in European and U.S. stock markets may also impact oil pricing during the day. Additionally, mixed trends in Asian markets and potential new U.S. sanctions on China could have indirect effects on oil.

From a technical analysis perspective, the 69.00 – 69.50 levels are monitored as a significant resistance zone for WTI oil. Staying below these resistance zones may support downward movements, targeting 68.00 and 67.50 levels. In the event of a possible recovery, hourly closings above the 69.00 – 69.50 resistance levels could bring the 70.00 and 70.50 levels into consideration. The current RSI indicator is at 55 and exhibits a neutral outlook, indicating that prices are in a struggle to find direction. On a daily basis, prices are trading with a 0.23% decline.