Oil prices remain under pressure near 68.50 USD, with analysts highlighting bearish trends below critical intraday levels.
Crude oil futures trade near 68.50 USD, just below the 68.60-68.70 USD intraday decision zone, maintaining a bearish short-term outlook. Analysts note sustained downside pressure unless prices breach these levels, with swing traders eyeing resistance at 69.55-69.60 USD.
The broader trend remains negative, with crude in a downtrend since mid-May, according to external analysis. Key downside targets include 67.90 USD, 67.70 USD, and 67.50 USD, while resistance at 70.95-71.25 USD poses a longer-term hurdle.
Traders are monitoring the point of control near 68.50 USD, where price action has stalled. Oversold momentum may allow for a limited relief bounce, but the overall bias stays cautious.