Oil rises in the markets despite the global risks surrounding investors

Oil maintains its main support levels and the rise in a tendency to exceed the previous price levels that fell from $ 70 a barrel at a time when traders are waiting for a strong catalyst, according to the American FX Empire platform.

Oil futures contracts

Oil futures ended dealing with a height, but are still close to the support levels that they recorded late last year at $ 65.20, $ 64.75 and $ 63.87.
The current price cohesion indicates that the sellers reduce large purchases and investment, but they do not prefer to withdraw from oil activity amid profit reaping operations.
However, the absence of a strong public movement indicates that investors are awaiting a catalyst for breaking the price.
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Features in Oil prices

Technical indicators refer to bullish possibilities in the event that the momentum surrounding the markets changes with resistance to a short -term level at $ 70.35 and an average market movement for two hundred days at 70.42 dollars.
Light crude oil futures settled on Tuesday at $ 66.25, an increase of $ 0.22 or +0.33%.
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Oil prices rose and gained 1.6% amid twice the dollar after large -scale sales in the market on Monday due to fears of stagnation in the United States.

Dollar weakness supports oil

Oil prices rose slightly on Tuesday, supported by the decline in the US dollar, which reached its lowest level in four months.
The weakness of the dollar contributes to making oil within the reach of international buyers, which provides prices in the short term, but economic concerns are shadow on the market, which limits the gains.

Oil and stocks

The stock markets remained under pressure as US stock losses continued, as the Standard & Poor’s 500 index recorded its largest decrease since December 18, while the Nasdaq index decreased by 4%, which is the worst daily decrease since September 2022.

The scene is complicated by protectionist policies

It increased the decline in market morale, US President Donald Trump’s announcement of the imposition of new customs duties by 25% on all imports of steel and aluminum from Canada, which led to the escalation of commercial tensions.
Although protective policies contributed to price fluctuations, their impact on oil demand is still not certain.
Investors are awaiting US inflation data scheduled for Wednesday, which may affect the decisions of the Federal Reserve regarding interest rates and thus on the oil market engines.

OPEC Plus decisions

The US Energy Information Administration (EIA) has raised its expectations for crude oil production, expected that production would reach 13.61 million barrels per day for 2025, exceeding previous estimates.
Meanwhile, crude oil stocks increased by 4.2 million barrels last week, according to the sector’s data, which increased the pressure on the market.
On the OPEC Plus level, the group announced plans to increase production in April, but the recent decrease in prices raised doubts about the success of this strategy.

Brent crude support

Brent international crude has strong support at about $ 70 a barrel and some analysts expect a greater recovery.
However, crude oil is still swinging as it is still flexible in front of any rise due to economic concerns, high American production and uncertainty surrounding OPEC Plus supplies.
It may stimulate any breakthrough in trade tensions or stronger economic data that is expected to recover until a stronger stimulus appears.