WTIUSD

Oil prices are rising despite global demand concerns, driven by Europe's new sanctions on Russia and the U.S. Energy Information Administration's announcement of a larger-than-expected decline in stocks. These developments are supporting the upward trend in the oil market, while the course of European and U.S. exchanges and statements from the European Central Bank on monetary policy can be closely monitored throughout the day. In particular, the expectation of a rate cut by the European Central Bank towards the end of the year and inflation data in the U.S. could influence the market's direction.

WTIUSD, on the daily chart timeframe, is showing an upward movement by holding above the 69.50 – 69.00 support levels. In the continuation of upward movements, the resistance levels of 70.50, 71.00, and 71.50 can be monitored. The RSI indicator is at level 59, exhibiting a slightly positive trend. An increase of 0.42% compared to the previous day may indicate that the upward potential continues in the short term. However, if the price falls below the 69.00 support, levels of 68.50 and 68.00 may come into play.