Crude Oil Peaking Out of Range – Who’s Up for Buying? - Forex News by FX Leaders

Crude Oil Peaking Out of Range – Who’s Up for Buying?

Posted Tuesday, July 9, 2019 by
Arslan Butt • 1 min read

WTI crude oil prices fell as the trade tensions stoked global economic worries. Today during the Asian markets, WTI crude oil prices sank due to demand concerns after the latest indication of the Sino-US trade war dragging down the international economy. Whereas, the potential for a dispute in the Middle East extended some support to crude oil.

WTI crude futures are trading around 57.50 at the time of covering this update and that’s exactly where I’m looking to open a buying trade to target $58. Well, WTI crude oil prices were remaining under pressure due to the trade war between the US and China, which are now heading into the second year. Failure to enter into a trade deal simply discourages the possibilities of progress for international economic growth, which hits oil demand.

We may see sudden buying in oil after Iran’s armed forces chief of staff, Major General Mohammad Bagheriagency said: “Britain’s seizure of an Iranian oil tanker off Gibraltar last week will not be “unanswered”.

At the moment, crude oil is looking outside the well-maintained trading range of $57.65 – $57.40. With that, our forex trading signal in crude oil is also doing pretty well. I’m expecting it to hit our $58 target soon. Right after that, I will try to enter another buying position upon retracement in crude oil as closing outside $57.65 resistance may bring further bullish trend in crude oil today.

Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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