WTIUSD

Crude oil is exhibiting a weak trend below the pivot level of 67.703. The shoulder-head-shoulder formation in the chart is leaning towards completion. The unexpected increase in U.S. crude oil inventories and concerns about global demand are the main factors putting pressure on prices. Despite OPEC+'s decision to maintain production cuts, concerns about compliance are limiting oil prices. From a technical perspective, if the support at 66.720 is broken, levels of 65.061 and 63.591 may be tested. In upward movements, if a sustained move above the resistance at 69.130 is achieved, the level of 69.745 may be targeted.