Commodities Analysis by Investing.com (Günay Caymaz) covering: Brent Oil Futures, Crude Oil WTI Futures. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
Crude oil prices are rebounding, fueled by heightened geopolitical tensions and new stimulus measures from China.
Earlier this month, Brent futures fell to $68, their lowest level since November 2021, while WTI futures dropped to around $65, marking a yearly low. The People's Bank of China surprised markets by lowering its benchmark lending rates, aiming to counter an economic slowdown. This move marks the largest stimulus effort since the pandemic and signals a decisive step toward ending a deflationary period.
As we approach mid-September, the new recovery phase has turned the previous resistance at $73 into a support level. Nonetheless, the current outlook suggests a greater likelihood of continued upward movement, with a potential pullback toward $73 strengthening the recovery phase.WTI futures also present a similar scenario, rising to $72 today as they inch closer to breaking their short-term downtrend. After finding support around $65 this month, WTI has entered recovery mode and stepped into the $70 range.
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