Oil Rises on Middle East Tensions Capped by Weak Chinese demand

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Crude Oil Prices Recover Amid Escalating Middle Eastern Conflict, Weak Chinese Demand Caps Gains

Crude oil prices have found support following a larger-than-expected U.S. interest rate cut, and further escalation of the Middle Eastern conflict could drive prices higher. However, weak demand from China continues to limit potential gains.

Technical Outlook:
As long as the price remains below $71.78, it is expected to stay within the bearish zone, with a potential decline of $68.80. However, a break above $71.78 would signal a bullish shift towards $72.72 and potentially $75.00.

Key Levels:
Pivot Point: 71.35
Support Levels: 70.60, 68.80, 67.70
Resistance Levels: 72.72, 74.25, 75.35

Expected Trading Range: 71.80 - 68.80

Trend: Bearish while the price remains below 71.78

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أغلقت الصفقة: تم الوصول للهدف

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Saudi Commitment to Unwinding Crude Oil Cuts Shifts Balance of Risks

The price dropped perfectly and still running to get 65.85