Crude oil prices gained sharply above $60 on supply concerns. It hits a high of $62.20 yesterday and currently trading around $61.89.
On October 23, 2025, the United States imposed broad sanctions on Russia's oil industry, targeting major producers Rosneft and Lukoil, which combined provide fuel. Moscow's oil exports comprise practically half of its revenues, which are essential to support the Kremlin's war chest, therefore shocking global markets. While Indian refiners readied for significant cuts in seaborne Russian crude imports to prevent sanctions, China's state-owned oil behemoths fast stopped them in Asia. their Russian supply lines since both countries are among the biggest oil consumers of the Kremlin. At the same time, the European Union intensified its own punitive actions against Russia's energy infrastructure, worsened by continuous Ukrainian attacks on vital refineries, pipelines, and export. Intensified pressure on an already struggling industry, caused by hubs, threatens further disturbance to global energy stability.
Price Resistance and Support Levels
The near-term resistance is around $62.40 (365 -4H EMA); any breach above this level could push prices higher to $63/$63.84/$64.20/$65/$66.40.On the downside, immediate support is at $61.20 violation below targets $60.70/$60/$57.97/$55.
It is good to buy on dips around $61.20-25 with a stop-loss around $59.80 and a target price of $65/$66.50.
