Crude Oil Trades Sideways – US-China Trade War Dominates

On Tuesday, crude oil prices rose due to increasing geopolitical tensions in the Middle East, offsetting worries over an escalating trade war between the US and China.

Crude oil rose 0.31% to 61.23 along with International Brent oil which also rose by 0.38% to 70.50. Well, one of the reasons black gold is supported today is due to yesterday’s tanker attack which pushed the prices higher. Whereas, the seaboard of the United Arab Emirates attempted to threaten the security of crude supplies.

Support Resistance
61.45 62.28
61.06 62.72
60.23 63.55
Key Trading Level: 61.89

WTI Crude Oil – Trade Idea
Let’s wait for crude oil to test 60.35 as buying can be seen above this level. Besides, the violation of 62.50 level can add further buying until 64. In case of no breakout, oil prices can continue to consolidate under 62.50.

Good luck!