On the H1 chart the crude oil didn’t break the 80.70 level of resistance and is now heading towards the 78.90 support. If that level doesn’t hold, the next target could be 77.35. On the upside the next level of resistance is at 81.70.
The fact that the OPEC+ output cuts were extended through Q2 was in line with expectations and didn’t support the crude oil during the day. The group noted that “these voluntary cuts will be returned gradually subject to market conditions”. Crude oil will likely be impacted in the near future by geopolitics with the attention mainly on the Gaza truce talks which according to Egyptian media are seeing significant progress.
Crude oil H1 chart