WTIUSD

Crude oil futures are under pressure due to a significant increase in stockpiles reported by the U.S. Energy Information Administration and tensions between the U.S. and China, while showing a more subdued trend during the Asian session. Although Saudi Arabia has raised prices in the Asian market for March deliveries, the impact of this news has been limited so far. Monitoring the movements of European and U.S. markets today will be crucial.

As long as pricing remains near the resistance level of 71.50 – 72.00, a downward trend may be prominent. Possible declines could target the levels of 70.50 and 70.00. In any potential recoveries, as long as the resistance at 71.50 – 72.00 holds, new downward potential may arise. For the upward momentum to continue, close observations of daily closures above 72.00 are necessary; in that case, the levels of 72.50 and 73.00 could come into focus. The critical level for the day is 71.50 – 72.00.