US oil prices are facing headwinds in the near term, as storage levels remain elevated and weather forecasts are bearish. This could lead to a test of support at 281.7 per barrel. However, if prices can hold above this level, there is potential for a rebound to resistance at 297.3 per barrel.
*Key Technical Levels*
Resistance: 297.3
Support: 281.7
*Technical Factors to Watch*
US oil storage levels: Storage levels remain elevated, which is putting pressure on oil prices.
Weather forecasts: Bearish weather forecasts could lead to a decrease in demand for oil.
Price action: A break below 281.7 would be a bearish signal, while a break above 297.3 would be a bullish signal.