WTI crude oil prices hovered around $70.5 per barrel, testing this area as resistance. Concerns that an excess supply next year might hinder OPEC and its partners’ plans to restart halted production.
Oil Prices May Drop Amid Falling Chinese Demand
With the decreasing global demand from China, the top oil importer could lower oil prices. Additionally, market watchers are watching the upcoming policy changes with Donald Trump, who is about to take the presidency.
His planned tariffs on oil exports from Canada and Mexico and intensified sanctions on Iran might further disrupt the oil market.
Crude Oil Technical Analysis – 30-December-2024
Crude Oil prices rose from $69.3 and gained almost $2.0. As of this writing, the black gold is testing the December 26 high as resistance. Regarding the technical indicators, the Stochastic Oscillator is about to enter the overbought territory, meaning the prices could reverse or consolidate at this point.
Furthermore, the Awesome Oscillator signals bearish Divergence, hinting at market reversal.
The immediate support is at $70.3. From a technical perspective, the current downtick in momentum could extend to lower support levels if bears (sellers) push the Crude Oil prices below $70.3.
If this scenario unfolds, the next bearish target could be $70.2, followed by $69.8.
Crude Oil Support and Resistance Levels – 30-December-2024
Traders and investors should closely monitor the below WTI Crude Oil key levels to make informed decisions and adjust their strategies accordingly as market conditions shift.
| Crude Oil Support and Resistance Levels – 30-December-2024 | |||
|---|---|---|---|
| Support | $70.3 | $70.1 | $69.8 |
| Resistance | $70.7 | $71.0 | $71.5 |