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Next Week Crude Oil Outlook: Geopolitical Cooling Suppresses Oil Prices, 58 is a Key Support
The easing of US-Iran tensions and the fading of geopolitical premiums have become the main reasons for the recent sharp correction in oil prices.
Technically, the market shows a weak pattern, with daily charts oscillating upward but lacking momentum, and a bearish moving average alignment. The short-term downtrend is clear, and oil prices are expected to test the key support at 58. A break below this level could lead to a further decline toward the 57 range.
Trading Strategy: Focus on shorting on rebounds
Resistance levels: 60.5-61.5
Support levels: 58.0-57.0