WTI Crude Hits $64.80: Will US-China Talks and War Tensions Push $65+?

WTI crude oil is sitting at $64.40 after a big rally last week on demand and supply risks. Traders are watching as US and Chinese...

Written by: Arslan Butt • Monday, June 9, 2025 • 2 min read

• Last updated: Monday, June 9, 2025

Quick overview

WTI crude oil is sitting at $64.40 after a big rally last week on demand and supply risks. Traders are watching as US and Chinese negotiators meet in London today which could ease trade tensions and boost energy markets.

This follows a high level phone call between President Biden and Chinese President Xi Jinping which raised hopes for progress on tariffs that have been weighing on oil demand. On the domestic front, Friday’s US jobs report surprised to the upside so the world’s largest economy isn’t slowing down yet – another positive for crude demand.

Meanwhile, geopolitical risks have increased. Russia launched a barrage of drone and missile attacks on Kyiv in response to Ukrainian strikes on Russian air bases. The escalation raises fears of longer lasting sanctions on Russian oil which could tighten global supply.

Price Action Stalls Below $64.80

Technically, crude oil is in a short term uptrend having broken through resistance at $63.28 and $63.94 last week. However, the rally has paused just below $64.80 which is an area where prices previously reversed.

Despite a 0.18% dip in the last few sessions, WTI is still above the 50 period EMA ($63.82) and the 200 EMA ($62.79) so momentum is still positive. A rising trendline from late May also offers support at $63.30.

WTI Crude Price Chart - Source: Tradingview — WTI Crude Price Chart – Source: Tradingview

Key levels to watch:

Resistance: $64.80, $65.36, $65.88
Support: $63.94, $63.28, $62.79
Indicators: Both 50 and 200 EMAs are rising so bullish structure

Small candles near $64.80 indicate market indecision but overall setup is bullish if bulls can break through.

Trade Setups: Watch the Breakout

Traders should be on alert as WTI approaches a key inflection point. The next few hours will tell us if the trend continues or stalls.

Bullish Setup: Enter on a breakout above $64.85. Targets: $65.36 and $65.88. Stop-loss: $64.30.
Bearish Setup: Short if price goes below $63.80. Targets: $63.28 and $62.79. Stop-loss: $64.50.

With tensions in Eastern Europe and talks on the table, crude oil is a headline driven asset. But from a technical perspective, the trend is still up – if $64.80 clears.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.