Oil at a Crossroads: Will $64 Spark a Rally or Trigger a Fall?

Oil remains under pressure as geopolitical tensions have yet to yield a clear agreement between Russia and Ukraine, while tariffs could harm India’s economy, which was once the fastest growing in the world.

From a technical perspective, crude oil is trading in an overall uptrend, forming higher highs and higher lows. The current level of 64 is crucial, and prices could rise from here to target 65.24 as a short-term objective in the medium term.

However, a renewed decline breaking below 63.338 and forming a lower low on the four-hour chart would invalidate the bullish scenario and signal a return to a downtrend.