Oil gains retreat today
Fundamental analysis of oil
Geopolitical tensions in the Middle East continue to weigh heavily on oil markets, particularly following the deployment of US aircraft carriers to the region, raising fears of a potential escalation with Iran that could threaten the stability of global energy supplies.
At the same time, trade tensions continue to weigh on market sentiment, after US President Donald Trump threatened to impose 100% tariffs on Canada if it reaches a trade agreement with China, despite Canadian Prime Minister Mark Carney's assurances that Ottawa does not intend to go down this path.
On the demand side, oil prices received additional support from the severe cold spell in the US, which boosted demand for heating fuel, helping to limit downward pressure on prices.
On the European geopolitical front, Russian-Ukrainian talks ended without any significant breakthrough, despite the two sides agreeing to resume negotiations at the end of next week, which keeps uncertainty about the prospects for oil supplies from the region.
Technical analysis of oil
Crude oil (WTI) prices fluctuated on Monday at the start of the week's trading, trending downward, and are still trading above the daily downward price channel that was breached yesterday under the influence of positive divergence on the MACD indicator.
Oil achieved our initial targets at $60 and then $62 per barrel, as mentioned here
and we still expect further gains for oil in the coming period towards $65 and, before that, $63 per barrel.
a downward correction that we expect to be an opportunity to reposition our buying positions again.
