Oil Prices Drop As Uncertainty Spreads Across Global Markets

(MENAFN- The Rio Times) Oil prices fell hard over the past 24 hours, with Brent crude down to $68.17 and WTI at $65.54. These numbers show traders saw no fresh supply risks or market recovery.

Data comes directly from market exchanges and official daily charts. Producers raised oil output again, while the US hesitated to announce new sanctions on Russian crude.

This stance created uncertainty, as sellers and buyers braced for a possible shift in supply rules. OPEC+ lifted production by 890,000 barrels above daily needs, while China's factories and retail sales weakened for the second straight month.

US oil rig counts moved up to 412, keeping supply strong. Technical indicators confirm the recent pressure. Daily and four-hour charts for Brent and WTI show the market failed to rally.

Prices now sit under all major moving averages, including the 21, 50, and 200 lines. RSI dropped to 53.34 for Brent's daily chart and 32.75 for four hours, showing sellers hold control.



turned even deeper negative, with volatility rising as Bollinger Bands widened. The Global Liquidity Index NDQ, shown as the yellow line, drifted lower, which means traders moved away toward safer markets.

ETF money continued to flow out of oil, with weaker trading volumes. Brent broke below support at $68 and WTI slipped under $65 as selling continued.
Oil Falls on Supply Glut and Weak Demand
For Brent, resistance is over $71 and for WTI above $67, keeping recovery in check. Fibonacci retracement tools did not find strong support, and buyers did not step in.

Looking back over the last seven days, markets started with a mild rebound, only to lose ground as policy uncertainty became clear. Early week rallies failed as trading volume faded.

OPEC+ supply numbers came out higher than expected, while Chinese demand fell below forecasts. Washington's delay in sanction decisions kept nerves high, as traders watched for any sign of new tariffs or export blocks.

Midweek, oil chart signals flipped lower, with daily momentum indicators showing heavy selling. Volumes dropped as ETF holders moved capital into safer assets.

By the end of the period, Brent and WTI traded lower, hitting support levels and setting a bearish tone. Behind the numbers, this week's market reflects policy stalling, a global supply glut, and weak demand from China.

No clear buyer emerged, and everyone waited for the next policy move or demand recovery. Until conditions change, oil trading remains under pressure, driven by caution and risk aversion.

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