Oil May Extend Its Gains 11/6/2025

U.S. crude oil futures followed the expected bullish trajectory, successfully reaching the first official target at $65.90 and coming within reach of the second target at $66.45, with a session high recorded at $66.24 per barrel.

From a technical standpoint, the psychological resistance near $65.00 continues to exert downward pressure on intraday price action. However, a closer look at the charts shows that momentum indicators—having reached oversold territory—are beginning to recover. This recovery, paired with support from the 50-day simple moving average, suggests that downside movement may be limited for now.

These technical signals point toward a potential resumption of the broader uptrend. A confirmed break and daily close above $65.90 would likely reinforce bullish sentiment, opening the path toward $66.85 as the next key resistance.

That said, any return to stable trading below $64.25 could weaken the bullish case and expose the price to further downside pressure, with $63.65 serving as the next critical support level.

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Market Risk Warning:
Traders should remain alert to today’s release of the U.S. Core Consumer Price Index (monthly and annual)—a high-impact event that could significantly affect oil markets due to its influence on Fed policy expectations.

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: 64.25	R1: 65.90
S2: 63.65	R2: 66.85
S3: 62.65	R3: 67.30