Crude Oil Highlights

The price of crude climbed amid hopes of continued OPEC+ output cutbacks.
To keep the price of oil stable, OPEC+ is expected to sustain cutbacks around 2.2 mil barrels per day.
The peak summer travel period in the United States enhances crude consumer demand, which supports higher prices for crude oil.

The market Snapshot

The value of crude rose on the third day. Which is boosted by anticipation that main exporters will sustain supply cutbacks at their forthcoming conference. In addition to the yearly rise in gasoline use with the arrival of summertime.
Researchers estimate that OPEC+ will stick to voluntarily output cutbacks of roughly 2.2 mil barrels / day in order to preserve prices stable.

WTI Technical Analysis

The WTI is currently trading around $80.27, down 0.20 percent on the 4-hourly rate graph. The pivotal at $79.77 is critical to deciding which way the market goes. Nearby levels of resistance include $80.91, $81.98, & $83.29 mark. To the negative side, right away support lies at $78.97, which follows $77.77 then $76.22 mark. The 50 D-EMA at $78.53, and the 200 D-EMA has become $79.77, which is also a pivot mark.
The present-day technical setting shows negative attitude beneath $78.95 mark. Whereas a breach over this point may strengthen an upward trend.

Brent Oil Technical Analysis

Brent oil currently stands at $84. 92, down 0.17 percent on a 4-hourly rate timeframe. The pivotal value of $84.43 is critical to deciding the market’s trajectory. Nearby rates of resistance include $85.31, $86.02, and $86.83 mark.
To the negative side, the current support level is $83.08, then $82.00 & $80.66 mark. The 50 D-EMA stands at $82.83, whereas the 200 D-EMA sits at $84.24 mark.
Presently, the technical structure points to a negative mood below $84.43. Nevertheless, an excursion over this point might boost the upward trend and change an investor’s perspective.

Natural Gas (NG) Technical Analysis

The price of natural gas is currently trading around $2.57, off 0.58% based on the 4-hourly timeframe. The pivotal mark at $2.80 is essential for deciding the market’s trajectory. Upcoming thresholds of resistance are $2.92, $3.02, and $3.12 mark.
On the negative side, the nearest support comes $2.71mark, then follows $2.62 & $2.47. The 50 D-EMA is $2.59, with the 200 D- EMA being $2.28 level.
The present scenario shows an uptrend over $2.80 mark. However, a breach beneath this mark might result in a severe downward tendency.

Daily Technical Indicators & Signals

WTI

Natural Gas (NG)