The crude oil market is showing strength in early Monday trading as it attempts to rebound from recent declines.
Traders are closely monitoring economic indicators, GDP data, and central bank policies for further market direction.
WTI Crude Oil Analysis
West Texas Intermediate (WTI) crude experienced a modest rally, approaching the key $72.50 level. This price point has been a significant resistance area, and a breakout above it could push prices toward the 200-day Exponential Moving Average (EMA) and possibly as high as $78.50. The recent pullback into a large consolidation zone is now acting as support, suggesting stability in the market.
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Brent Crude Oil Analysis
Brent crude prices have also gained, surpassing the $75.50 level and testing the 50-day EMA. A successful breakout above this moving average could pave the way for a move toward the 200-day EMA and a potential run to $82 in the longer term. Brent previously tested a three-year low at $70, reinforcing a strong support base.
With both WTI and Brent crude showing signs of stabilization and recovery, the market appears to be forming a range. Analysts remain cautiously optimistic, viewing this phase as a potential turning point for oil prices.
