WTI

Oil futures extended gains after the US Energy Information Administration announced a 3.7 million barrel drop in inventories and the impact of IranIsrael tensions. As long as prices remain above the 74.50-75.00 support, an upside outlook may be at the forefront and 76.00 and 76.50 levels may be targeted. As long as possible declines remain limited to the 74.50-75.00 support, a new upside potential may occur. However, for declines to continue, a course below the 74.50 support and 4-hour closings are required. In this case, the 74.00 and 73.50 levels may be on the agenda. Support: 75-74.50 Resistance: 76-76.5