Oil Price Forecast for the Coming Period 

Oil on the Fundamental Side 

Oil prices fell at the start of trading ahead of direct talks between the US and Iran in Geneva later on Tuesday. West Texas Intermediate crude dropped by approximately 1% to $62.90 per barrel and is currently trading above $63.00 per barrel.

Liquidity was thin due to the Lunar New Year holiday in China, limiting broader price movements.

However, tensions remain high, and prices are likely to remain volatile in the near term.

Nuclear talks between the US and Iran are scheduled to resume later today.

These talks have sparked cautious optimism that the diplomatic track can continue.

Any tangible de-escalation could push oil prices into further corrective declines, while a failure of the negotiations could lead to strong gains and a return to the trend.

Oil on the Technical Side 

Oil broke through the ascending price channel on the daily timeframe and successfully retested it yesterday. The corrective decline is likely to continue as long as we trade below this price channel, targeting the next support level near $61.00 per barrel.

The best expected selling areas are near $63.30/$50 per barrel.

If the support level of $61.00 is reached, it could be the first rebound point for oil, followed by the $60 level, which could return oil to its overall upward trend.

All of this depends on current geopolitical talks and tensions in the region.

We will provide updates as they become available to monitor the next move.