The oil market is showing signs of volatility against the background of complicated geopolitical situation and ambiguous economic signals. geopolitical situation and ambiguous economic signals. The price is testing the mark near the level of $76.00. As we wrote earlier, if the market managed to consolidate below this zone, the next significant support could occur around $74.50.

Fundamentally, the geopolitical tensions, especially between the U.S.-Iran tensions are supporting prices. The IMF's optimistic outlook for global economic growth forecasts contribute to positive market sentiment. However, China's oil consumption data is bearish in nature, which may put pressure on prices.

Investors are advised to keep a close eye on geopolitical developments and macroeconomic indicators. situation and macroeconomic indicators that may have a significant impact on the price dynamics. significant impact on oil prices in the short term.