🛢️ USCRUDE OIL – Overview
Oil edges higher amid U.S. stock draw
WTI crude oil futures rose to $63.45 per barrel on Thursday, extending gains from the previous session after U.S. crude inventories posted a bigger-than-expected draw.
📊 EIA data showed stockpiles fell by 6 million barrels to 420.7 million, compared to expectations for a 1.3 million-barrel draw, providing short-term support for prices.
At the same time, markets are watching closely for progress in the Russia-Ukraine peace talks, brokered by U.S. President Donald Trump. Any breakthrough that results in easing sanctions on Russian crude exports could shift global supply dynamics.
Despite the latest rebound, crude prices remain down over 10% year-to-date, pressured by expectations of oversupply as OPEC+ restores output and tariff concerns weigh on demand outlook.
🔎 Technical Outlook
Bearish Scenario:
As long as price trades below the pivot line at 63.47, downside targets are seen at 61.83, and a break lower could extend losses toward 60.16.
Bullish Scenario:
A 4H candle close above 63.47 would open the way toward 64.72, with further upside potential toward 65.80 – 67.20.
📍 Key Levels
Pivot: 63.47
Support: 62.25 – 61.85 – 60.20
Resistance: 64.70 – 65.80 – 67.20
⚠️ Crude remains highly sensitive to geopolitical headlines and inventory data — expect volatility around key supply developments.
Previous idea:
Oil edges higher amid U.S. stock draw
WTI crude oil futures rose to $63.45 per barrel on Thursday, extending gains from the previous session after U.S. crude inventories posted a bigger-than-expected draw.
📊 EIA data showed stockpiles fell by 6 million barrels to 420.7 million, compared to expectations for a 1.3 million-barrel draw, providing short-term support for prices.
At the same time, markets are watching closely for progress in the Russia-Ukraine peace talks, brokered by U.S. President Donald Trump. Any breakthrough that results in easing sanctions on Russian crude exports could shift global supply dynamics.
Despite the latest rebound, crude prices remain down over 10% year-to-date, pressured by expectations of oversupply as OPEC+ restores output and tariff concerns weigh on demand outlook.
🔎 Technical Outlook
Bearish Scenario:
As long as price trades below the pivot line at 63.47, downside targets are seen at 61.83, and a break lower could extend losses toward 60.16.
Bullish Scenario:
A 4H candle close above 63.47 would open the way toward 64.72, with further upside potential toward 65.80 – 67.20.
📍 Key Levels
Pivot: 63.47
Support: 62.25 – 61.85 – 60.20
Resistance: 64.70 – 65.80 – 67.20
⚠️ Crude remains highly sensitive to geopolitical headlines and inventory data — expect volatility around key supply developments.
Previous idea:
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Technical analyst focused on gold, indices, and forex.
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Providing regular updates with structure, entry/exit clarity, and real-time outlooks.
More at: sroshmayi.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.