Oil was broadly stable on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia offset data showing rising U.S. crude stocks.
Generally, the direction is consolidation
Uptrend Side: Oil prices continue their upward momentum, with a clear path toward the initial target of $70.51. Exceeding this level is expected to further drive the upward trend, with the next key milestones set at $71.74 and subsequently $73.59.
Downtrend Side: This projected increase remains intact unless the price breaks below $68.64 and holds beneath it.
Tendency Keys: 70.51