WTI Crude oversold rally support at 6400

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WTI crude oil is trading just above a two-week low of 6400, as demand concerns continue to weigh on prices.

The pressure comes from uncertainty around President Trump’s tariff policy, which could worsen when the current 90-day pause ends on July 9. So far, only a minor trade deal with the UK has been reached, adding to fears of a global slowdown and weaker oil demand.

Earlier this week, oil prices also dropped after Trump announced a ceasefire between Israel and Iran, easing fears about disruptions through the Strait of Hormuz, a major oil shipping route.

On the positive side, expectations for Federal Reserve rate cuts are rising. If Trump replaces Fed Chair Jerome Powell with someone more supportive of rate cuts, it could help lift oil prices slightly by boosting the economic outlook.

Overall, oil remains under pressure with limited upside unless demand outlook improves or further supportive policy measures emerge.

Key Support and Resistance Levels

Resistance Level 1: 6925

Resistance Level 2: 7080

Resistance Level 3: 7230

Support Level 1: 6460

Support Level 2: 6300

Support Level 3: 6100

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