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USOIL News

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Last Updated Date: 27 May 2021 @ 10:03 AM (UTC)
*Please note that all the dates are in GMT time zone

Oil prices fell on Thursday but stayed within the tight range set this week, with optimism about the summer driving season in the United States and Europe offsetting concern about demand in India and a potential increase in Iranian supplies.

The market shows short term peaking action, driving initial topping selloffs to test 63.80 retracement support. A close under 63.80 alerts for a larger top/downturn and projects selloffs to 61.80. Trade may try to bounce off 63.80 and consolidate declines inside Monday’s range. Only a close over 67.02 rekindles bull trend forces.

 
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