Oil continues to decline due to geopolitics optimism
A Kremlin official announced that Presidents Trump and Putin will hold a summit soon, their first since 2021, with a White House source suggesting it could occur as early as next week. Optimism surrounding potential U.S.-Russia discussions on the Ukraine conflict has alleviated concerns about oil supply disruptions, despite U.S. sanctions targeting India for its continued Russian crude imports. Trump introduced a 25% tariff on Indian goods and signaled possible additional tariffs on China. However, increased OPEC production and ongoing trade tensions remain key concerns, raising fears of slower economic growth and reduced demand.
Technically, USOIL trades just above the 6,300.00 support level. Insignificant rebound from this level is expected with possible decline towards crucial 6,000.00 support level.
A Kremlin official announced that Presidents Trump and Putin will hold a summit soon, their first since 2021, with a White House source suggesting it could occur as early as next week. Optimism surrounding potential U.S.-Russia discussions on the Ukraine conflict has alleviated concerns about oil supply disruptions, despite U.S. sanctions targeting India for its continued Russian crude imports. Trump introduced a 25% tariff on Indian goods and signaled possible additional tariffs on China. However, increased OPEC production and ongoing trade tensions remain key concerns, raising fears of slower economic growth and reduced demand.
Technically, USOIL trades just above the 6,300.00 support level. Insignificant rebound from this level is expected with possible decline towards crucial 6,000.00 support level.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join me, I'll guide you to PROFITABLE TRADING💵!
Telegram Channel: t.me/forextradersliveofficial
Telegram Channel: t.me/forextradersliveofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.