6 May | Oil

Oil gains from four-year low after entering oversold territory

Oil gains from four-year low after entering oversold territory

Oil prices surged from a four-year low on Tuesday. According to Bloomberg, technical analysis suggests that crude recently entered oversold territory.

After a nearly 10% slump over six sessions, Brent advanced to trade above $61 a barrel. Meanwhile, WTI rose to $58 a barrel.

US President Donald Trump acknowledged the possibility of easing tariffs on Chinese goods, stating that current duties are significantly disrupting global trade. However, Bloomberg notes that no new talks between Washington and Beijing are expected in the near term.

Despite getting a short-term boost from the return of China from holidays and optimism around trade talks, the oil market continues to face pressure. According to ING's Warren Patterson, investor concerns persist due to uncertainty over global demand and OPEC+ policy decisions.

Elena Dorohina MarketCheese
Period: 16.05.2025 Expectation: 600 pips
AUDUSD will resume growth to 0.64900
Today at 10:59 AM 41
Period: 24.05.2025 Expectation: 4240 pips
USDJPY could extend its rally toward target level of 150.30
Today at 08:56 AM 39
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Period: 23.05.2025 Expectation: 45000 pips
ETHUSD pulls back ahead of new growth wave
Today at 08:54 AM 37
Period: 25.05.2025 Expectation: 156 pips
Selling natural gas with target of 3,300 amid lower demand due to mild weather
Today at 06:43 AM 28
Period: 15.05.2025 Expectation: 1150 pips
EURUSD is expected to decline to 1.10800
Yesterday at 11:04 AM 72
Period: 22.05.2025 Expectation: 2720 pips
USDCAD pair aims for recovery after local decline
Yesterday at 08:06 AM 44
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segment "Currencies"
Go to forecasts