WTIUSD

Oil futures started the new week with a strong surge, shaped by unexpectedly high manufacturing activity data released in China. The tension between Ukrainian President Zelensky and U.S. President Trump also supported this rise in the markets. However, concerns about global economic growth still seem to exert pressure. Today, the movements of European and U.S. stock markets may be closely monitored.

When pricing occurs in the range of 70.00 – 70.50, significant clarity can be gained regarding direction. The desire for an upward movement can strengthen with pricing and hourly closures above 70.50; in this case, levels of 71.00 and 71.50 could be targeted. In possible declines, the 70.00 support holds critical importance. A break below this support could bring levels of 69.50 and 69.00 into play.