On Thursday (August 21), international oil prices rose nearly $1 per barrel, as Russia and Ukraine blamed each other over stalled peace talks, while U.S. data showed strong demand in the world’s largest oil consumer.
Analysts noted that tight U.S. domestic inventories contrast with IEA and EIA forecasts of oversupply by 2026, posing challenges to overall market expectations for traders.
U.S. WTI crude oil futures rose $0.81, or 1.29%, to settle at $63.52/bbl.
Trading suggestion: After crude oil dipped to as low as $63.29, the price rebounded strongly, hitting a high of $64.46 before consolidating. The daily candle closed at $64.24 as a medium bullish candle with a longer lower shadow than the upper.
Trading strategy: Buy near 63.7, SL 63.2, TP 64.3–65.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
Leave Your Message Now