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Oil prices fell amid signs of improving supplies

Technical Analysis
By Mostafa Mahmoud
Oil prices fell amid signs of improving supplies
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USOIL

النفط 5-5-2026

Oil is trading above the $94.25 support level, with prices likely to move sideways between the $107 resistance level and the mentioned support level in today’s trading.

Support

 94.25 86.80
Resistance 107

113

Oil declined during today’s trading after the strong jump recorded in the previous session, with Brent falling near $113.24 per barrel, while WTI crude dropped to around $104.10. The market entered a phase of cooling and profit-taking after a sharp rally driven by Strait of Hormuz tensions. Despite the decline, prices remain relatively elevated, as geopolitical risks have not faded yet, especially with continued U.S.-Iran tensions and market concerns over any new disruption to shipping activity or energy supplies from the Gulf.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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