Crude oil break remains near the key $70 level – what’s next?
The crude oil contract closed 0.39% higher on Thursday, extending its short-term consolidation following recent advances.
Today, oil continues testing the key resistance level of $70. The ongoing stock market uncertainty fueled by tariff fears continues to influence oil prices.
Conclusion
Crude oil remains near the key $70 level following inventories drawdown data from Wednesday. Despite this positive fundamental data, broader market uncertainty continues to impact price action.
Is this a good time to open a short position? I don't think so - the market is approaching strong medium-term support levels and could move sideways or rebound.
For now, my short-term outlook is neutral.
Here’s the breakdown:
- Crude oil continues to trade near the key $70 level.
- In my opinion, the short-term outlook is neutral.
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Thank you.
Paul Rejczak,
Stock Trading Strategist