WTI crude oil prices rose because Saudi Arabia is reportedly pushing for extended supply cut plans, even though stocks dropped across Asia after the announcement of fresh tariff by United States President Donald Trump.

A report came that the Organization of the Petroleum Exporting Countries (OPEC) and its partners are discussing a plan to increase the existing 1.2 million barrels per day (bpd) supply cut by 400,000 bpd and continue it until June.

The experts also said Saudi Arabia, the de facto leader of OPEC, is pushing the plan ahead of the listing of state-owned Saudi Aramco.

The market is paying close attention to the OPEC meetings this week, where the ministers will meet in Vienna this Thursday, and the broader OPEC+ group will attend as well on Friday.

The Chinese government will soon announce a list of “unreliable entities” that will likely lead to bans against US companies, according to the country’s state media. The market is increasingly concerned that a preliminary trade deal may not happen any time soon because conflicts regarding human rights in Hong Kong and Xinjiang keep adding to tensions between the two nations.

WTI Crude Oil – Forex Trading Signal

WTI crude oil has faced a double bottom support level of around 55.08 on the 3-hour chart. Closing of candles above this level is suggesting chances of a bullish retracement.

Daily Support and Resistance

S3 53.96

S2 55.02

S1 55.49

Pivot Point 56.07

R1 56.55

R2 57.13

R3 58.19

On the upper side, crude oil is likely to test 50% Fibonacci level around 56.90, and above this, oil prices can soar to 57, the 61.8% Fibonacci resistance area. Let’s look for a buy trade above 55.95 today.

Good luck!