Crude oil prices saw a significant upward shift in recent sessions, closing yesterday above the $72.15 mark. This positive close supports a continued bullish outlook in the near term. Although prices began today on a slight downward trend, putting pressure on the $72.15 level, the previous close above this benchmark suggests that a bullish bias remains likely in the short term. Analysts are now watching for a potential rise to $73.71, which has emerged as the next primary target.
However, should prices consolidate below the $72.15 threshold, this could lead to a dip towards $70.58 before a potential rebound. It’s important to note that a sustained downward trend breaking through $70.58 would invalidate the positive outlook, indicating a possible shift toward a bearish market.
Today’s anticipated trading range spans from $70.80 for support to $73.80 for resistance, highlighting the potential for market volatility.
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