WTIUSD

WTI crude oil prices are on an upward trend due to the continued expansion of manufacturing activity in China and the positive impact of the government's stimulus efforts on the markets. Despite these positive developments in China, the growth rate being lower than expected may keep the markets cautious. The manufacturing PMI data to be announced in the U.S. could also affect oil prices. Additionally, the market holiday in the U.S. and global economic developments could influence pricing.

Technically, WTI crude oil prices are hovering above the 71.00 support level on the 4-hour chart, and maintaining this level keeps the upward potential alive. In upward movements, the resistance levels of 71.50, 72.00, and 72.50 can be monitored. The RSI indicator is at a level of 56, displaying a positive outlook. An increase of 0.85% is observed compared to yesterday’s close. In case of potential declines, if the price falls below the 71.00 - 70.70 support zone, the level of 70.40 may come into focus.