Oil: WTI trying to hang on to 65.00
- Crude is straining to stay on the topside as trade war fears rage on.
- Oil traders hopeful the end might be coming in sight of the US supply glut as OPEC battles on.
WTI Crude oil has reached for more in the Asia session as trade tensions continue to flair, and WTI is trading near 64.90.
Crude oil declined steadily in Thursday's market, but the commodity is looking set to stage a comeback to end the week, buoyed by the downward spiral of Trump's tariffs sparking retaliatory lash-outs from China, and both countries are set to impose trade duties on key components of each others' export stables.
American oversupplies of fossil fuels are continuing to contract, albeit at a slower pace than many had hoped, and key members of OPEC have recently dedeicated themselves to keeping oil supplies outside the US as constrained as possible heading through 2018, helping bolster crude further up to challenge highs lost in January.
WTI Levels
The current action in oil is undecided, and a bearish turn will hit support at today's swing low of 64.10 and Wednesday's low of 63.50, while a run higher will have to contend with Wednesday's high of 65.65 and January's major resistance at the 66.00 major psychological handle.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
