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Can Crude Oil Maintain Its Minor Upside Bias?
Daily Light Crude Oil Futures
Light crude oil futures edged higher on Friday, consolidating within a well-defined trading range of $65.22 to $68.22. The market closed above the pivotal level of $66.72, signaling a slight upside bias despite the broader downtrend. A sustained move above this level could drive prices toward $68.22, with additional resistance at $69.18 and $70.35. However, failure to hold above $66.72 may invite sellers, potentially pushing prices back to the lower bound of $65.22.
On Friday, Light Crude Oil Futures settled at $67.18, up $0.63 or +0.95%.
Geopolitical Uncertainty Keeps Traders on Edge
Oil prices rebounded by 1% on Friday, closing the week nearly unchanged as traders weighed the uncertain prospects of a Ukraine ceasefire. Russian President Vladimir Putin indicated support for a U.S.-proposed ceasefire but raised conditions that delay any resolution. The prolonged war continues to keep Russian oil supplies under sanctions, adding to market volatility.
Former U.S. President Donald Trump reiterated calls for a ceasefire, highlighting the geopolitical risks that traders must navigate. Meanwhile, Chinese state firms are scaling back Russian oil imports due to sanctions risks, signaling potential supply disruptions in Asia’s largest crude market.
