WTIUSD

Oil futures entered the second trading day of the week under pressure. Growing concerns about the U.S. economy have raised fears of decreased demand, while a 4% drop in the Nasdaq index has supported this situation. The same weakness concerns also apply to China, which has been highlighted by negative inflation reports. It is important to closely monitor the movements of European and U.S. stock markets throughout the day.

As long as prices remain below the resistance levels of 66.00 – 66.50, a downward trend may persist. In possible declines, the 65.50 and 65.00 levels can be targeted, while in the case of recoveries, the 66.00 – 66.50 resistance will be a significant threshold. To maintain upward momentum, closures above 66.50 will need to be observed; in that case, the 67.00 and 67.50 levels may also come into play.