WTIUSD

Crude oil futures began an upward trend following the New Year's holiday with the American Petroleum Institute's announcement of a 1.4 million barrel decline in inventories and Chinese President Xi Jinping's commitment to further support growth. These developments had a positive impact on oil prices. Other factors to be closely monitored by the markets include the situation of European and US stock exchanges and the inventory data to be released by the US Energy Information Administration.

In the WTIUSD technical outlook, as long as prices remain above the 71.30 – 71.70 support levels, upward movement may be at the forefront. Resistance levels of 72.50 and 73.00 can be monitored in case of rising prices. In case of potential declines, hourly closings that occur below 71.30 could bring the 71.00 and 70.70 levels to the agenda. The RSI indicator is close to the 50 level and presents a neutral appearance. The pair has increased by 0.29% compared to the previous day.