WTIUSD

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WTIUSD

The increasing geopolitical tensions in the Middle East and fluctuations in U.S. and European stock markets are influential in determining the direction of oil prices. Rising tensions between Israel and Hezbollah and speculations regarding Iran contribute to uncertainty in the oil markets. The interest rate cuts by the People's Bank of China aim to alleviate concerns about global economic growth. In light of these developments, geopolitical risks are expected to continue affecting oil prices in the short term.

Technically examining the WTI/USD chart on an hourly timeframe, it is trading below the resistance zone of 69.00-69.50. In downward movements, the 69.00 and 68.50 levels can be monitored as support. On the upside, the range of 70.50-71.00 is seen as an important resistance area. The RSI indicator is at level 52 and is moving in a neutral stance. The pair's 0.31% increase compared to the previous day may indicate that the market is in a short-term recovery effort. However, a clear change in direction requires breaking the resistances mentioned above.

Support :

69.5 - 69 - 68.5

Resistance :

70.5 - 71 - 71.5