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💡Message Strategy
Oil prices continued their upward trend amid rising geopolitical risks. US President Trump recently issued a tough statement, demanding Russia end the conflict with Ukraine within 10 to 12 days or face secondary sanctions.
Fears that Russian crude oil exports might be disrupted pushed Brent crude oil prices close to $70 per barrel, marking their largest single-day gain in two weeks at 2.3%. Meanwhile, US West Texas Intermediate (WTI) crude oil prices also remained stable around $67.
The intertwined uncertainties of geopolitics and trade policy have complicated market sentiment. Besides the situation between Russia and Ukraine, investors are closely watching the August 1st trade policy deadline set by the United States and the upcoming OPEC+ meeting in early August, which will determine its September crude oil production increase plan.
The industry generally expects that despite tight crude oil inventories in some parts of the world and strong peak season consumption in the Northern Hemisphere, if OPEC+ continues to increase production, oversupply pressure will gradually emerge by the end of the year.
📊Technical aspects
From a technical perspective, the daily chart of US crude oil (WTI) shows a modest upward trend. The current price is trading steadily above its 100-day moving average, indicating continued bullish momentum.
The Relative Strength Index (RSI) remains between 55 and 60, remaining within overbought territory, suggesting further upside potential. A successful break above the key resistance level of $68.50 would open up opportunities towards $70.
💰Strategy Package
Long Position:66.50-67.00，SL：65.50，Target:68.50-69.00
💡Message Strategy
Oil prices continued their upward trend amid rising geopolitical risks. US President Trump recently issued a tough statement, demanding Russia end the conflict with Ukraine within 10 to 12 days or face secondary sanctions.
Fears that Russian crude oil exports might be disrupted pushed Brent crude oil prices close to $70 per barrel, marking their largest single-day gain in two weeks at 2.3%. Meanwhile, US West Texas Intermediate (WTI) crude oil prices also remained stable around $67.
The intertwined uncertainties of geopolitics and trade policy have complicated market sentiment. Besides the situation between Russia and Ukraine, investors are closely watching the August 1st trade policy deadline set by the United States and the upcoming OPEC+ meeting in early August, which will determine its September crude oil production increase plan.
The industry generally expects that despite tight crude oil inventories in some parts of the world and strong peak season consumption in the Northern Hemisphere, if OPEC+ continues to increase production, oversupply pressure will gradually emerge by the end of the year.
📊Technical aspects
From a technical perspective, the daily chart of US crude oil (WTI) shows a modest upward trend. The current price is trading steadily above its 100-day moving average, indicating continued bullish momentum.
The Relative Strength Index (RSI) remains between 55 and 60, remaining within overbought territory, suggesting further upside potential. A successful break above the key resistance level of $68.50 would open up opportunities towards $70.
💰Strategy Package
Long Position:66.50-67.00，SL：65.50，Target:68.50-69.00
Trade active
Crude oil resumes its upward trend, stimulated by positive news of the trade agreementTrade closed: target reached
Crude oil reaches signal target
Through scientific and rigorous financial analysis and personalized strategy formulation, we help you achieve stable growth of wealth. At the same time, in a complex and changing economic environment, we help you avoid potential risks and protect the saf
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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.
Through scientific and rigorous financial analysis and personalized strategy formulation, we help you achieve stable growth of wealth. At the same time, in a complex and changing economic environment, we help you avoid potential risks and protect the saf
Related publications
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.