WTIUSD

Oil prices maintain their upward outlook despite limited pullbacks in the Asian session. Expected stimuli from China and projected cold weather conditions in Europe and the US are supporting oil prices with predictions of increased heating oil demand. Additionally, confirmation of demand through declining inventories continues to have a positive impact on prices. The sell-driven trend in Asian stock markets and limited losses in the dollar index are among the notable developments ahead of important data releases in the US.

Technically speaking, the WTIUSD pair continues to hold above the 73.00 – 73.50 support levels on the 4-hour chart. In upward movements, the first resistance levels can be observed at 74.00 and 74.50. Further up, the 75.00 resistance is noteworthy. In potential pullbacks, the 73.00 – 73.50 support levels remain significant. Below these levels, 72.50 and 72.00 may come into play. The RSI indicator is at 40 and exhibits a negative outlook. A 0.31% decrease compared to the previous day is observed.