WTIUSD

Oil futures showed a downward trend with reports that U.S. President Trump and Russian President Putin agreed to initiate talks to end the war in Ukraine. As a significant oil producer globally, Russia has contributed to expectations of increased global supply. Additionally, rising inflation data in the U.S. has put pressure on the markets.

As long as prices remain in the range of 71.00 – 71.50, a bearish outlook may prevail. Potential declines could target levels of 70.00 and 69.50. If the resistance at 71.00 – 71.50 is not breached, new downside potential may emerge. For a continuation of the upward trend, it is essential to monitor movements and hourly closes above 71.50; in that case, levels of 72.00 and 72.50 may also come into play. The key level of the day is 71.00 – 71.50.