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TD Securities analyst James Rossiter observes that oil prices have stabilized slightly above $90 per barrel, with Brent crude trading within a $90–$100 range since the recent ceasefire. The market remains range-bound as geopolitical tensions and supply-demand dynamics balance out. Traders are closely monitoring this consolidation phase for potential breakout signals.
This stability impacts global energy markets and influences commodity-linked currencies like the Canadian dollar. For traders, the lack of a clear trend increases volatility risks, making technical analysis of support/resistance levels critical. The $90 psychological level acts as a key floor, while $100 remains a near-term ceiling.
MENA investors should watch for shifts in OPEC+ production policies or renewed geopolitical conflicts that could disrupt the current equilibrium. Upcoming data on US crude inventories and global economic growth forecasts will also shape the trajectory of oil prices in the coming weeks.
