Market Overview - The market has been fluctuating around a multi-month high of $66.27, which is expected to be a key pivot point in the near term [1] - A sustained move above $66.27 indicates buyer presence, with a potential test of higher resistance levels at $68.11 to $69.37 if Friday's high of $67.03 is surpassed [2] Price Dynamics - The market could experience a downturn if it falls below $66.27, potentially leading to a drop towards the support line at $64.41 [3] - A late-session short-covering rally in Brent crude oil contributed to a rise in WTI futures, which were initially set to close lower [4] Supply and Demand Factors - Oil prices received support from reports of declining U.S. crude inventories, with a reported drop of 9 million barrels in stockpiles [5] - Despite the support from falling inventories, concerns about a supply glut persist, especially with OPEC+ considering output increases from April [6]
Oil News: Crude Oil Edges Higher with Oil Demand and Iran Tensions Back in Play
FX Empire·2026-02-21 06:57