USOIL 6H / Permian Production to Drive Increase in U.S. Oil

22 Agu

The U.S. Energy Information Administration (EIA) forecasts that most of the projected increase in U.S. oil and natural gas production in 2025 will be driven by the Permian Basin.

This growth is attributed to several factors, including enhanced productivity, the development of new and expanded infrastructure, and sustained high crude oil prices. The Permian region, which spans parts of Texas and New Mexico, is already the most prolific oil-producing area in the United States, and it will continue to be the primary contributor to national output increases in the near future. This rise in production is expected to play a significant role in meeting both domestic and international energy demands.

Technically:
The price already stabilized at the bearish trend to get 69.78 which is a strong support line

Bullish Scenario:
The bullish trend should break 72.72 to get 73.90 and 75.35

Bearish Scenario:
as long as the price trades under 72.72, it will support falling to 69.78 as a first bearish station

Key Levels:
- Pivot Line: 72.72
- Support Levels: 69.78, 67.00, 65.85
- Resistance Levels: 73.93, 75.35, 76.55

Today's Expected Range:
The price is anticipated to move between the support at 69.78 and the resistance at 72.72.