Sat, Mar 25, 2023 @ 20:44 GMT

US Oil Hits Resistance

WTI crude struggles after a huge buildup in US stockpiles. The price action is still in a recovery mode following the late January sell-off. The choppy grind into the supply zone around 80.50 and a pullback are a reminder that the market mood is still cautious. 76.50 is the first support and 72.30 the bulls’s last line of defence. A close above said resistance would send the price to the major ceiling at 82.20 which has capped the commodity’s multiple bounces. A bullish breakout would foreshadow a bullish reversal.

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