US OIL Seeks Support

Oil prices struggled after the International Energy Agency said that the omicron strain may threaten global demand.

WTI crude is hovering under the 20-day moving average after the RSI briefly shot into the overbought territory. 74.10 near the 30-day moving average seems to be a tough nut to crack for now.

A bullish breakout would attract momentum buyers and send the price to the daily resistance at 79.00. Otherwise, 68.00 from the latest rally is the support to keep the rebound valid.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading