Oil Prices Under Pressure — Are Further Losses Ahead? 2/7/2025

Oil prices traded cautiously higher during today’s session, following a string of consecutive declines. The market saw a modest rebound, with prices testing the psychological resistance level at $66.00 per barrel.

Current Range:

• Support: $64.65
• Resistance: $65.95

Prices remain confined within a narrow sideways range. The simple moving averages continue to act as dynamic resistance, while the Relative Strength Index (RSI) shows signs of weakening positive momentum. These factors may support a shift back to the downside.

Primary Scenario (Cautious Bearish Outlook):
A confirmed break below $64.75 could initiate further downward movement, targeting:

• $64.40
• $63.80
• A break of $63.80 would likely accelerate losses toward $63.50, the next official support target.

Alternative Scenario (Bullish Breakout):
A sustained move above the psychological barrier of $66.00 could encourage short-term bullish momentum, opening the way to:

• $66.60
• $67.20

Warning:

• Upcoming U.S. non-farm payrolls data may significantly increase volatility.
• Geopolitical and trade tensions continue to elevate market risk, and all outcomes remain possible.

Caution: In the context of ongoing global trade tensions and broader economic uncertainty, volatility may remain elevated. Manage risk accordingly, as all outcomes remain on the table.

S1: 64.45	R1: 66.00
S2: 63.80	R2: 66.60
S3: 63.50	R3: 67.25