WTIUSD

Oil futures rose despite the American Petroleum Institute reporting a larger-than-expected increase in inventories. This rise, despite uncertainties in global trade, mainly indicates a search for a bottom. However, the fundamental dynamics continue to exert pressure. The sanctions on Iran and Venezuela may have contributed to price increases by supporting expectations that the surplus in supply could decrease. Throughout the day, the status of European and U.S. markets, U.S. inflation data, and inventory figures to be released by the U.S. Energy Information Administration may be monitored.

As long as prices remain below the 66.50 – 67.00 resistance level, a downward trend may be predominant. In possible declines, targets could be set at the 66.00 and 65.50 levels. If the 66.50 – 67.00 resistance is breached, new upward potential may emerge, bringing the 67.50 and 68.00 levels into focus. The important level of the day: 66.50 – 67.00.