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Oil and Natural Gas Technical Analysis: Diverging Signals in Crude and Gas Markets

FXEmpire · last updated

Moreover, the geopolitical tensions also shaped market sentiment. Washington imposed tariffs of up to 50% on Indian imports, targeting its purchases of Russian crude. India is expected to maintain flows from Moscow in the near term, softening the immediate supply shock. However, traders remain alert to policy shifts that could tighten the global market.

Russia and Ukraine stepped up attacks on energy infrastructure, adding concerns about supply security. At the same time, hopes for a US interest rate cut lifted the demand outlook. With seasonal weakness, trade tensions, and geopolitical risks, WTI crude is trading near resistance at $64–$65, with support around $60.

WTI Crude Oil (CL) Technical Analysis

WTI Oil Daily Chart – Consolidation

The daily chart for WTI crude oil shows prices consolidating below the resistance near $65. Prices have failed to break above this level and continue to edge lower, though the support of the ascending channel is holding. As long as the $65 resistance remains intact, prices may drift toward the $60 region. Overall, crude oil is consolidating within the $60–$65 range during the summer season.

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