From TradingView · · 50s
USOIL | 96.70 Pivot as Geopolitical Supply Risk Supports Crude
Geopolitical tensions boost crude oil prices as USOIL hits 96.70 pivot.
In brief
Geopolitical tensions boost crude oil prices as USOIL hits 96.70 pivot. Geopolitical supply risks support crude oil prices near 96.70 pivot level. Originally reported by TradingView.
Geopolitical tensions
Recent tanker incidents and pressure on Gulf shipping routes keep energy supply concerns high.
USOIL pivot level
96.70 remains key technical support as geopolitical risk premium boosts crude prices.
Bullish momentum
USOIL climbs from 97.00 to 101.20, a 4.3% gain reflecting strong bullish momentum.
Technical resistance
104.20 acts as immediate resistance with 109.30 as potential next target.
Bearish scenario
A confirmed break below 100.60 could signal bearish move toward 96.83 and 93.70.
Geopolitical developments
Saudi, Turkey, and Pakistan officials meet Iranian officials to reduce regional tensions.
The bottom line
Geopolitical supply risks support crude oil prices near 96.70 pivot level.
