WTIUSD

Oil prices have started to rise due to the geopolitical developments in the Middle East. Israel's attacks on Lebanon are causing increased supply concerns in the oil market. The stock increase data released by the U.S. Energy Information Administration had only a short-term effect on the markets. On the other hand, the volatility in the U.S. and European stock markets may play a significant role in determining the direction of oil prices. The ongoing election uncertainties in the U.S. and tensions in the Middle East are causing investors to adopt a cautious stance.

Technically, the WTI/USD pair is trading just above the 72.00 resistance on the 4-hour chart. In the continuation of upward movements, the 72.50 and 73.00 levels can be monitored as resistance. In downward movements, the 71.00, 70.50, and 70.00 levels stand out as support. The RSI indicator is at the 60 level, displaying a positive outlook. A value increase of 0.83% compared to the previous day is observed.