Oil reacts to key technical resistance

Volatility in the markets is rather low today. In fact, the biggest focus today is on CO2 permits, which are heading towards the €100 per contract level. Nevertheless, in the case of oil, it is worth noting that the recent recovery has cooled slightly after concerns over Omicron subsided. WTI crude oil is reacting to resistance in the form of a downward trendline. In addition to the technicals themselves, the Iraqi oil minister spoke today. He indicated that strategic stockpiles from the US are affecting oil negatively, but the impact is minimal. 

Oil is reacting negatively to the downtrend line and the area of the 50.0 retracement of the previous upward impulse. The key resistance zone is around $75, while support is between $71-72. Source: xStation5