Oil technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Light Crude Oil has been highly volatile due to rising tensions in the Middle East, a key oil-producing region. Prices are currently finding support around 64.035 and a stronger floor near 60.150, while resistance sits at 71.300 and a more significant level at 75.830. Geopolitical risks are driving sharp price swings as traders react to potential supply disruptions, especially around critical areas like the Strait of Hormuz.



While supply concerns push prices higher, worries about slowing global demand and economic impacts add uncertainty. A clear break above 71.300 could lead to testing 75.830, while failure to hold support might see prices dropping toward 60.150.
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