International oil prices continued to climb on Monday, though the gains were limited. Brent crude futures rose 8 cents to $70.44 per barrel, extending Friday's 2.51% rally. U.S. WTI crude edged up 5 cents to $68.50 per barrel, after surging 2.82% in the previous trading session.
The primary driver behind the current upward move stems from market expectations of further escalation in U.S. sanctions against Russia. U.S. President Trump stated on Sunday that he would provide Ukraine with the "Patriot" air defense missile system and deliver a "major announcement" on Russia-related issues on Monday. "Trump is dissatisfied with the Russian President's failure to advance the peace process, a stance exacerbated by Russia's continued bombing of Ukrainian cities in recent days.
In the short term (1-hour timeframe), crude oil has shown high volatility, with prices finding support at the lower edge of the wide trading range and moving higher again. The objective short-term trend direction is upward within the range, with sufficient bullish momentum. However, given the high probability of recent erratic price swings, there is a greater likelihood that intraday crude oil prices will encounter resistance at the upper edge of the range and pull back.
you are currently struggling with losses，or are unsure which of the numerous trading strategies to follow,You have the option to join our VIP program. I will assist you and provide you with accurate trading signals, enabling you to navigate the financial markets with greater confidence and potentially achieve optimal trading results.
The primary driver behind the current upward move stems from market expectations of further escalation in U.S. sanctions against Russia. U.S. President Trump stated on Sunday that he would provide Ukraine with the "Patriot" air defense missile system and deliver a "major announcement" on Russia-related issues on Monday. "Trump is dissatisfied with the Russian President's failure to advance the peace process, a stance exacerbated by Russia's continued bombing of Ukrainian cities in recent days.
In the short term (1-hour timeframe), crude oil has shown high volatility, with prices finding support at the lower edge of the wide trading range and moving higher again. The objective short-term trend direction is upward within the range, with sufficient bullish momentum. However, given the high probability of recent erratic price swings, there is a greater likelihood that intraday crude oil prices will encounter resistance at the upper edge of the range and pull back.
you are currently struggling with losses，or are unsure which of the numerous trading strategies to follow,You have the option to join our VIP program. I will assist you and provide you with accurate trading signals, enabling you to navigate the financial markets with greater confidence and potentially achieve optimal trading results.
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.
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.