Oil suffers huge losses 6/2/2025

WTI crude oil continues its losing streak for the third consecutive session, now testing the psychological support at $71.00.

Technical Outlook:

• Moving averages exert downward pressure, reinforcing the bearish bias.
• Price remains below the previously broken support at 72.40, which has now turned into resistance.

Key Levels to Watch:

• Bearish Scenario:
  • Breaking below 70.50 could accelerate losses toward 69.75, the next key level.
• Bullish Scenario:
  • Reclaiming 72.40 could trigger a temporary recovery, with targets at 73.60.

Market Risks & Considerations:

• Geopolitical tensions and economic uncertainty could drive heightened volatility.
• Oil demand and supply factors, including OPEC+ policies, should be monitored closely.

⚠ Risk Warning: Market conditions remain highly uncertain, and sharp price movements are possible.

Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. This market’s risk level remains high, particularly due to ongoing geopolitical tensions, which could result in heightened price fluctuations.

S1: 70.45	R1: 72.40
S2: 69.75	R2: 73.60
S3: 68.50	R3: 74.30