WTI CRUDE OIL - Crude oil - DAILY - 17/03/2025 - 03/17/2025 (GMT)

Oil prices have increased for a second day, with West Texas Intermediate nearing $68. This surge follows China's announcement of measures to stimulate consumption, including stabilizing stock and real estate markets, increasing wages, and boosting the nation’s birth rate. Additionally, the US has ordered fresh attacks on the Houthis in Yemen, with Pentagon chief Pete Hegseth stating that these strikes will continue until the group stops targeting civilian and military vessels in the Red Sea. However, oil prices have dropped by over $10 a barrel from this year's high in January due to factors such as the escalating trade war initiated by US President Donald Trump, an OPEC+ decision to increase supply, and the potential end to the conflict in Ukraine.

 On the technical side, the price of crude oil has rebounded from the lows of $65 and is on the move to test the resistance of the 23.60% of the weekly Fibonacci retracement level around $68.50. The 50-day moving average has recently crossed below the slower 100-day moving average validating the bearish trend in the market while the Stochastic oscillator is in the neutral levels showing that there is no overbought or oversold levels therefore the short term directional movement of the trend might go either way.