WTIUSD

Crude oil is trading below the pivot level of 67.703. The decision to extend production cuts following the OPEC+ meeting and the decline in U.S. crude oil stocks are among the factors supporting prices. However, concerns over global economic growth and weak demand in China are limiting the upside potential. Geopolitical tensions in the Middle East are keeping supply cut risks alive. From a technical perspective, sales below the support level of 66.720 could accelerate down to 65.061. On the upside, if a sustained move is maintained above the resistance level of 69.130, levels of 69.745 and 70.512 could come into play.