Fundamental Analysis
USOIL climbed back above $67 per barrel on Friday, rebounding from a drop in the previous session, as markets weighed current supply tightness against longer-term oversupply risks.
The International Energy Agency (IEA) cited strong demand driven by summer travel and power generation but warned of a potential surplus, raising its supply growth outlook while lowering demand forecasts. While OPEC+ may significantly increase output later this year, near-term prices remain supported. Notably, Saudi Arabia is set to ship 51 million barrels to China in August, the largest monthly volume in over two years, highlighting strong immediate demand.
Meanwhile, OPEC revised down its long-term demand outlook due to slower growth in China. Geopolitical tensions also lent support, as President Trump hinted at a “major” announcement on Russia, fueling speculation over new sanctions.
Technical Analysis
The price remains range-bound between 64.50 and 68.50, consolidating in the short term. The flat EMAs reflect and confirm this sideways movement.
A breakout above the 70.00 resistance could open the door for a move toward the next key level around 71.50.
Conversely, failure to hold above 64.50 may trigger a decline toward the psychological support near 60.00.
By María Agustina Patti, Financial Markets Strategist at Exness
USOIL climbed back above $67 per barrel on Friday, rebounding from a drop in the previous session, as markets weighed current supply tightness against longer-term oversupply risks.
The International Energy Agency (IEA) cited strong demand driven by summer travel and power generation but warned of a potential surplus, raising its supply growth outlook while lowering demand forecasts. While OPEC+ may significantly increase output later this year, near-term prices remain supported. Notably, Saudi Arabia is set to ship 51 million barrels to China in August, the largest monthly volume in over two years, highlighting strong immediate demand.
Meanwhile, OPEC revised down its long-term demand outlook due to slower growth in China. Geopolitical tensions also lent support, as President Trump hinted at a “major” announcement on Russia, fueling speculation over new sanctions.
Technical Analysis
The price remains range-bound between 64.50 and 68.50, consolidating in the short term. The flat EMAs reflect and confirm this sideways movement.
A breakout above the 70.00 resistance could open the door for a move toward the next key level around 71.50.
Conversely, failure to hold above 64.50 may trigger a decline toward the psychological support near 60.00.
By María Agustina Patti, Financial Markets Strategist at Exness
Pernyataan Penyangkalan
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.