WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
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Type: Commodities
Ticker: WBS
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WTI CRUDE OIL - Crude oil review 25/11/2024 - 11/25/2024 (GMT)

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Geopolitical tensions between Russia, Iran, and Western powers are driving oil prices higher amid supply disruption risks. Iran's activation of advanced centrifuges and potential sanctions by the incoming Trump administration could sideline about one million barrels per day of Iran's oil exports, impacting global oil supply. China's rebound in crude imports and India's increased crude throughput indicate rising demand in the world's top and third-largest oil importers.
 On the technical side, the price rebounded around $67 which was an area of support testing twice in the past 3 months. Currently, the price is testing the support area around $70 which is the 23.6% of the weekly Fibonacci retracement level and also the dynamic support area between the 50 and 100-day moving averages. The Stochastic oscillator is in the extreme overboight level hinting that a potential correction to the downside might be seen in the upcoming sessions while the Bollinger bands are quite expanded showing that volatility is rather increased in the market for crude oil. If the price manages to remain above the support of the 23.6% of the Fibonacci then the next area of possible resistance might be found around $73 which is the psychological resistance of the round number, the upper band of the Bollinger bands as well as the 38.2% of the weekly Fibonacci retracement level. 
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