Fundamental Analysis:

Oil prices were little changed, reflecting mixed market sentiment. On the bullish side, China’s crude imports in March rebounded by nearly 5% year-on-year, driven by increased flows from Iran and Russia. However, the upside was limited by deteriorating global demand forecasts. Goldman Sachs now expects Q4 2025 demand growth to rise by just 300,000 barrels per day. Meanwhile, UBS slashed its Brent forecast by $12 to $68 and WTI to $64. JPMorgan also revised down its oil projections for 2025, citing rising OPEC+ output and weaker demand from the petrochemical sector.

Technical Breakout:  

Technically, crude oil is trading flat near its resistance level. MACD offers no strong directional signals, while RSI stands at 53, hovering near the neutral midline. This suggests the commodity may continue consolidating between resistance at 62.75 and support at 59.15. A breakout from this range will likely determine the next major price movement.

Potential Risks: Ongoing U.S.-China trade tensions could increase volatility in crude oil markets.

Monitoring: Stay updated on potential trade tensions between US and world to gauge the likelihood movement for several asset classes.

Resistance levels: 3280.00, 3365.00

Support levels: 3210.00, 3160.00

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