Crude Oil ranges above support as growth outlook improves

Crude oil prices have stabilized above key support levels following the volatility from June's Israel-Iran tensions. After the market eliminated geopolitical risk premiums, trading focus shifted to global economic growth prospects. Current price action shows WTI crude consolidating in a narrow range, with technical indicators suggesting continued support above critical levels. Market participants are increasingly optimistic about demand recovery, driven by expansionary fiscal and monetary policies worldwide. The combination of accommodative central bank stances and government stimulus measures is expected to boost energy consumption. Technical analysis reveals strong support at current levels, with resistance tested multiple times without a decisive break. Near-term price action will likely depend on economic data releases confirming growth momentum and any shifts in OPEC+ production policies.