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Crude oil prices trade in a narrow range between $70.10 and $71.98. It hit a high of $71.17 and currently trading around $70.86.
Russia-Ukraine peace negotiations with U.S. representatives are shortly. A peace deal would allow some sanctions against Russia to be lifted. That could change the quantity of oil Russia sends globally.
Ukraine and some countries in Europe won't have representatives at the large talks, which is causing concern. European leaders get together separately to talk about this. When sanctions against Russia are lifted, more oil is potentially out there.
It might result in reduced prices, and greater oil, but that is still not certain. Oil buyers and sellers are anxiously waiting. The talks can radically change the oil market.
Price Resistance and Support Levels
The near-term resistance is around $72.11; any breach above this level could push prices higher to $72.85/$73.06/$74.32/$75. On the downside, immediate support is at $70 violation below targets of $69/$68/$65.50.
It is good to sell on rallies around $71 with a stop-loss of around $72.20 and a target price of $66.
