WTIUSD

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WTIUSD

Oil prices are showing a calm trend in the Asian session following Israel's attacks on Houthi targets in Yemen. This situation is linked to the expectation that obstacles to shipping in the Red Sea will be removed. However, low trading volume as year-end approaches and the projected supply surplus for next year remain key factors in the oil market. Market participants are closely monitoring the progress of European and US stock exchanges and the stock figures to be announced by the US Energy Information Administration throughout the day.

In the WTI oil chart on an hourly timeframe, as long as prices remain below the resistance zone of 69.70 – 70.00, a downward movement is expected to be prevalent. Support levels are being monitored at 69.40 and 69.00, respectively. In the event of an upward recovery, resistance levels at 70.50 and 71.00 could come into focus. The RSI indicator is at 44, exhibiting a slightly negative outlook. Compared to the previous day, there is an observed increase of 0.27% in oil prices.

Support :

69.4 - 69 - 68.5

Resistance :

70 - 70.5 - 71