Crude Oil Recovered to $69.3: Boosted by Holidays

Crude Oil Recovered to $69.3 and gained 1.0% in today’s trading session. This rise occurred during a period of low trading activity before a holiday. The recent uptick in oil prices was supported by new data from the U.S. showing the economy remains robust as the year closes.

Crude Oil Recovered to $69.3: Boosted by Holidays
Crude Oil Recovered to $69.3: Boosted by Holidays

India’s Crude Oil Imports Up 2.6% in November

India reported a 2.6% increase in crude oil imports for November, reaching 19.07 million metric tons, thanks to heightened economic and travel activities.

Despite these positive indicators, the fear of an excess supply next year dampened the bullish sentiments. Additionally, concerns over the European oil supply decreased following the news that the Druzhba pipeline was back in action after a halt caused by mechanical issues in Russia.

China Oil Demand to Peak in 2027

The strong U.S. dollar posed challenges for Oil. Adding to the concerns, Sinopec, Asia’s largest refiner, predicted that China’s oil demand might reach its highest point in 2027, suggesting a potential decline thereafter.

Crude Oil Technical Analysis – 24-December-2024

Crude Oil Technical Analysis - 24-December-2024
Crude Oil Technical Analysis – 24-December-2024

Crude Oil Recovered $69.3 after it tested the 61.8% Fibonacci retracement level ($68.7) as support. As of this writing, the commodity trades at approximately $69.3, nearing the descending trendline.

Please note that the market outlook remains bearish as long as the prices are below the immediate resistance of $69.8. However, bears must push the prices below the critical support level of $68.7. If this scenario unfolds, the Crude Oil prices could dip toward the $67.8 support.

The Bullish Scenario

Conversely, the downtrend should be invalidated if Oil prices climb above $69.8. The bullish wave from $68.7 could target the $70.7 resistance in this scenario.

Latest Posts

Bitcoin Analysis: Technical, Fundamental & News

Discover the latest Bitcoin analysis with our expert insights....

GBPUSD Analysis: Technical, Fundamental & News

Discover the latest GBPUSD analysis with our expert insights....

EURUSD Analysis: Technical, Fundamental & News

Discover the latest EURUSD analysis with our expert insights....

EURUSD began consolidating from 1.017: rose 0.85%

EURUSD began consolidating from 1.017 and rose 0.85%, trading...

Litecoin Gained 7.1%: What’s the Next Target?

Litecoin gained 7.1%, marching slowly toward $100.0. The uptrend...

Gold Exceeded $2665: Now Overbought!

Gold exceeded $2665 resistance. However, robust buying pressure made...

Bullish Symmetrical Triangle Signals NATGAS Breakout

NATGAS trades sideways in a low-momentum market inside the...

Crude Oil Holds at $72.8 After Initial Price Dip

Crude Oil price dipped from $75.24, testing the %50.0...

Gold Stays Below $2665 Ahead of US Economic Data

On Monday, the price of gold remained below $2,665...

US Gasoline Futures Hit $2.07 Amid Oil Surge Amid Oil Surge

Gasoline futures in the US have climbed past $2.03...

NATGAS Dips 14% Amid Low Storage Draws

Natural gas prices in the U.S. fell sharply by...

WTI Crude Slips From $74 as Dollar Strengthens

Crude oil prices for West Texas Intermediate (WTI) dipped...

NATGAS is Hit $4 As the Year Ends

NATGAS hit $4.0, trading in a robust uptrend. The...