Oil Information: Crude Oil Eyes 200-Day MA as Robust Demand Units Stage for Breakout…

Merchants are carefully watching the 200-day transferring common at $63.26, a degree that continues to behave as a technical barrier. A decisive break above this mark may set off a wave of short-covering.

Key upside targets embody the long-term 50% retracement at $64.56 and the 50-day transferring common at $65.00. Past that, momentum might speed up towards pivots at $65.41 and $66.18.

Failure to carry assist at $61.12, nonetheless, would depart the door open to draw back stress, with the following main assist seen at $56.09—the Could 30 swing low.

EIA Stock Draw Presents Robust Bullish Sign

Knowledge from the U.S. Power Info Administration (EIA) confirmed a sharper-than-expected 6 million barrel drawdown in crude inventories final week, effectively above the forecasted 1.eight million-barrel decline. The draw brings whole crude shares to 420.7 million barrels and indicators strong demand.

Nonetheless, an increase in Cushing inventories and feedback from Panmure Liberum counsel the massive draw can also mirror elevated refinery runs and stronger export flows, doubtlessly masking softer underlying consumption developments.

OPEC, Russia Sanctions and India Tariffs Hold Merchants on Edge

Geopolitical tensions stay a core driver. Russia dismissed ongoing Ukraine-related negotiations that exclude Moscow as “a highway to nowhere,” whereas the U.S. introduced a 25% tariff on Indian items beginning August 27 in response to India’s continued buy of discounted Russian crude—now accounting for roughly 35% of India’s whole oil imports.