WTI crude oil futures rose slightly on Wednesday as traders weighed factors such as optimism about Sino-US trade, falling US production and technical positioning, while also considering ongoing concerns about oversupply. The recent decline in oil prices is largely due to OPEC+'s decision to accelerate production increases for the second consecutive month. Reported cuts in the number of drilling rigs suggest that shale oil production may decline in the future, which supports the bullish view of oil prices. This supply restriction, coupled with signs of strong demand from Europe and China, helped stabilize market sentiment. Crude oil rose first and then fell today, and there was a correction trend after hitting $60.2. After two consecutive positive days at the daily level, oil prices adjusted, which may indicate that crude oil continues to fluctuate widely. On the whole, Zhang Yifu believes that the reduction in inventory in crude oil data is expected to support the rebound in oil prices. Today's operation considers retreating to arrange long orders first, supplemented by high and short orders. Pay attention to the resistance of $59.4-60.6 on the top and the support of $58.4-57.4 on the bottom.
If the oil price breaks below $58.2/barrel, it will stop the expected bullish trend and push the oil price back to the main volatile trend.
It is expected that today's oil price will trade between the support level of $58.2/barrel and the resistance level of $60.6/barrel.
If the oil price breaks below $58.2/barrel, it will stop the expected bullish trend and push the oil price back to the main volatile trend.
It is expected that today's oil price will trade between the support level of $58.2/barrel and the resistance level of $60.6/barrel.
Trade active
If the oil price breaks above $58.5/barrel, it will stop the expected bearish trend and push the oil price to regain the main shock trend.
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Free Trading Strategies
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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.