After the sell-off of oil during the past period, especially last April, crude oil rebounded near the trend line as expectations began to increase for the extension of production cuts until the end of the year.

Crude oil has been in a downward trend during the past period, despite the continuation of geopolitical tensions, especially between Iran and Israel, and since the beginning of this week, voices have been raised regarding the ceasefire negotiations between Israel and Hamas under the auspices of the United States, but the operation of storming Rafah from the Israeli side led to the exclusion of reaching an agreement now, as the entity is trying to pressure the resistance to reach the best terms of the agreement, and therefore oil began to regain strength again.

Speculation also suggests that OPEC could extend voluntary production cuts until the end of the year and therefore this could also help oil strength.

Technically: crude oil rose for the second day in a row after rebounding upwards near the uptrend line, where it rebounded from the uptrend with a reflective bin bar candle indicating the possibility of continuing the ascent next period down to the levels of 80.50 dollars per barrel.

If it breaks through, breaks through the downtrend levels and closes the candle a day above, then the upward push towards the levels of USD 85 per barrel is likely to continue.