Crude Oil Steady Over Tug of War Between Bulls and Bears
Arslan Butt • 1 min read
What’s up, traders.
It’s another muted day as traders don’t see top tier economic events. However, there’s a slight increase in crude oil prices on Tuesday in Asia because of recent development on the trade war between the US and China and continued support from OPEC’s supply cut.
US crude oil prices surged over 0.9% to trade at $59.13. As you know, US President Donald Trump visited Japan this week. During his visit to Japan, the US President Donald Trump revealed that the US and China still have some way to go before reaching a trade deal, and he is looking to expand tariffs in the upcoming days.
Fellas, the trade war has become one of the leading fundamentals that helps drive movement in crude oil prices. On the flip side, crude oil prices continue to be supported by the supply cuts by producer club OPEC.
WTI Crude Oil Technical Outlook
Technically, crude oil is facing stiff resistance around 59.45 (38.2% Fibo Level). Stochastics and RSI are still holding in the overbought zone, signaling a bullish bias of investors.
The immediate resistance stays the same, around $59.45 and $60 while support can be seen around $58.65, the 23.6% Fibonacci support level.