Oil/USD is moving within a sideways intraday range, fluctuating around the key pivot level at 112.00, reflecting a balance between buying and selling pressures. The next directional move will likely depend on whether the price breaks above or below this level.
If bullish momentum strengthens and the price moves higher, it may target 116.00 followed by 120.00. On the other hand, if the price declines and remains below 112.00, the downside scenario becomes more likely, with potential targets at 105.00 and then 103.00. Overall, trading below 112.00 increases the likelihood of a move toward 105.00 in the near term.
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