Due to the U.S. Labor Day holiday, West Texas Intermediate (WTI) crude oil futures did not settle on Monday (September 1). As a result, WTI trading volumes were lower.
Market concerns remain over Russian oil supply. Citing tanker tracking data, ANZ analysts noted that Russia’s weekly oil exports from ports fell to a four-week low of 2.72 million barrels per day.
The U.S. benchmark WTI crude futures contract rose 67 cents, or 1.1%, to $64.68 per barrel.
Trading suggestion: After touching a daily low of $64.12, crude oil rebounded strongly, reaching as high as $65.35 before consolidating. The daily candle eventually closed at $65.07, forming a medium bullish candle with equal upper and lower shadows.
Trading strategy: Buy near 64.5, SL 64, TP 65–66.5.
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