Oil Price Again Turn to Downside

Aug 3

Oil prices have recently surged due to heightened geopolitical tensions. This spike follows former President Trump's renewed rhetoric toward Russia and a declared deadline to end the Ukraine war, alongside new tariff threats targeting countries importing Russian oil. These developments triggered a short-term bullish reaction in the market.

However, technically, USOIL is now approaching a key top resistance zone, where price action suggests exhaustion of the current bullish momentum.

Potential Bearish Scenario

A renewed decline is likely from the resistance area, with the following downside targets in focus: 62.00 And 58.00

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Aug 4

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