WTI CRUDE OIL - Crude oil review-10/12/2024 - 12/10/2024 (GMT)

Oil prices rose due to the ousting of Syria's President and subsequent political uncertainty in the Middle East, but concerns about weak demand growth limited the gains. In addition, the geopolitical tensions in the Middle East and Ukraine, weak Chinese demand and ample oil supply have kept crude oil prices in a tight range since mid-October. Despite Saudi Arabia's price reductions ( Saudi Aramco's decision to cut oil prices to Asia for January reflects the weak market outlook and the limited room for a significant output boost from OPEC+.) and OPEC+'s production cut extension, fears of oversupply in 2025 persist, although some analysts believe that oil demand is being underestimated. 
 On the technical side, the price traded below the boundaries of the triangle formation last week and is currently on the move to get back inside it. The Stochastic oscillator is in the extreme oversold level hinting that there might be a bullish push in the upcoming sessions while the area of around $70 seems to be the next major resistance area consisting of the dynamic resistance level( the area between the 50 and 100-day moving averages) as well as the psychological resistance of the round number. However, for the $70 to be reached the price first needs to make a valid break above $68 which has been supporting the price with multiple retests in the past couple of weeks.