WTI Crude Oil – Key Takeaways

• WTI crude oil continues to trade in a bullish channel at $54.45.
• The US-China trade issue seems to ease as POTUS Trump said that he is likely to push the trade deal deadline of March 1.
• The sentiments of a successful trade deal are increasing demand for crude oil as investors believe that the world’s second-biggest economy will trigger oil demand.
• According to Goldman Sachs, the near-term outlook for oil is modestly bullish as the market continues to tighten significantly. Most of it is supported by OPEC leading an output cut.
• Crude oil may face an immediate resistance near $57.85. Support is likely to be found near $56.75.