Oil is facing bearish pressure against the US dollar during today’s trading, hovering around the key pivot level at 59.81.
If downside momentum begins, prices are expected to target 59.40 followed by 58.80.
Alternatively, if oil manages to hold above 59.81, it may resume its upward move toward 60 and then 60.50.
Upcoming price direction will largely depend on stability around the pivot level.
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