XTIUSD Chart Technical Outlook Oil prices remain steady above $80 supported by increasing concerns about the supply.
Crude prices are ticking up on Monday, with price action consolidating at Year-To-Date highs. A report by the IEA warning about an increase in global demand and the recent attacks on Russian refineries, which have crippled the country’s production capacity, are boosting oil prices.
The technical picture shows prices trending higher within an ascending channel with previous highs at $80.50 limiting downside attempts. Below here, the next support is at the confluence of the 4h 50 and 100 SMAs, at $78.80-79.00.
