WTI

Oil futures highlighted an upward trend mid-week. The postponement of the Trump-Putin meeting, following Russia's rejection of the ceasefire agreement, had an impact on this situation. Trump reiterated that India plans to reduce its purchases of Russian oil. While the American Petroleum Institute announced a decrease of 3 million barrels in stocks, the U.S. Department of Energy also indicated that 1 million barrels would be purchased for the Strategic Petroleum Reserve. During the day, the movements of European and U.S. stock markets, as well as the inventory figures to be announced by the U.S. Energy Information Administration, can be monitored.

As long as prices remain above the 57.00 – 57.50 support level, an upward outlook may be prominent. In potential upward movements, the levels of 58.50 and 59.00 may be targeted.

In possible declines, as long as the 57.00 – 57.50 support remains valid, new upward potential may emerge. Therefore, a continued desire for decline may necessitate observing movements below 57.00 and hourly closings. In this case, the levels of 56.50 and 56.00 may come into play.