WTI crude oil futures for August closed down by 1.91% at $75.42 per barrel, with a weekly cumulative increase of 2.1%. Brent crude oil futures for September closed down by 1.83% at $79.87 per barrel, with a weekly cumulative increase of 1.8%.
While crude oil prices experienced a bearish reaction over the weekend after approaching the $77 mark, there is a possibility of a corrective downturn this week due to the price decline. However, the overall outlook remains bullish, and any downward movement could be seen as an opportunity to establish long positions.
Support levels to watch include $75, $70, and $65 per barrel,
Resistance levels to monitor are $78, $80, and $83 per barrel.
While crude oil prices experienced a bearish reaction over the weekend after approaching the $77 mark, there is a possibility of a corrective downturn this week due to the price decline. However, the overall outlook remains bullish, and any downward movement could be seen as an opportunity to establish long positions.
Support levels to watch include $75, $70, and $65 per barrel,
Resistance levels to monitor are $78, $80, and $83 per barrel.