WTIUSD

WTI crude oil prices continue to move upward despite the American Petroleum Institute's announcement of a 1.6 million barrel increase in inventories, driven by the Israel-Iran tension. The visit of U.S. Secretary of State Blinken to Israel and ceasefire efforts are being monitored as a balancing factor in the market. Throughout the day, the course of the U.S. stock markets, developments in the Middle East, and inventory figures to be announced by the U.S. Energy Information Administration may influence pricing. As the upward trend in the market continues, the potential for an increase stands out as long as it stays above the 70.50 – 71.00 support zone.

Technically, WTI crude is trading at the $72 level on the 4-hour chart. Resistance zones are located at 72.00, 72.50, and 73.00 levels. If prices surpass these resistance levels, the rise may continue. On the other hand, in potential pullbacks, the 71.00, 70.50, and 70.00 levels are being monitored as support. The RSI indicator is at the 60 level, showing a positive trend. Being up by 0.44% compared to the previous day suggests that the short-term positive outlook may continue.