đź‘€ Possible scenario:
Crude oil fell to $68.00 on July 3 as markets braced for the possible return of higher U.S. tariffs after July 9 and a likely OPEC+ output hike of 411,000 bpd this weekend. Brent rebounded to $68.70.
Weak Chinese service data and a surprise 3.9M-barrel U.S. crude stock build added pressure. Gasoline inventories rose by 4.2M barrels, while distillates fell by 1.7M. Analysts expect short-term rallies to fade as bearish fundamentals—rising supply, weaker demand, and the loss of OPEC’s price support—begin to outweigh geopolitical risk. With the July 4 holiday ahead, traders are avoiding large positions.
âś…Support and Resistance Levels
Now, the support level is located at 66.10.
Resistance levels are now located at 69.10 and 77.50 .
Crude oil fell to $68.00 on July 3 as markets braced for the possible return of higher U.S. tariffs after July 9 and a likely OPEC+ output hike of 411,000 bpd this weekend. Brent rebounded to $68.70.
Weak Chinese service data and a surprise 3.9M-barrel U.S. crude stock build added pressure. Gasoline inventories rose by 4.2M barrels, while distillates fell by 1.7M. Analysts expect short-term rallies to fade as bearish fundamentals—rising supply, weaker demand, and the loss of OPEC’s price support—begin to outweigh geopolitical risk. With the July 4 holiday ahead, traders are avoiding large positions.
âś…Support and Resistance Levels
Now, the support level is located at 66.10.
Resistance levels are now located at 69.10 and 77.50 .
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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.