Crude Oil Trades Sideways – US-China Trade War Dominates

On Tuesday, crude oil prices rose due to increasing geopolitical tensions in the middle east, as you know the trade war between the U.S. and


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!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
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.

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