On Tuesday (September 2), international oil prices rose more than 1%, after the U.S. imposed new sanctions on Iran’s oil revenues, while markets awaited the OPEC+ meeting this Sunday (September 7). Analysts widely expect the group will not lift its remaining voluntary production cuts.
UBS analysts also noted that expectations of another decline in U.S. crude inventories provided additional support. The U.S. summer driving season (the world’s largest fuel consumption period) officially ended with the Labor Day holiday.
WTI crude futures rose $1.58, or 2.47%, settling at $65.59 per barrel.
Trading suggestion: WTI hit an intraday high of $66.46 before sharply retreating, then rebounded again from a low of $64.91 to close at $66.04 with a large bullish candle featuring a long upper shadow. Today’s trend suggests buying on pullbacks.
Trading strategy: Buy near 65.4, SL 64.9, TP 66–67.5.
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