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WTI Crude Faces Key Test at $64 Amid U.S.-India Trade Moves
Traders' Opinions
Summary:
WTI crude oil trades cautiously near $63 amid anticipation of U.S. inventory data and geopolitical tensions, while technical signals point to a potential short-term rebound if key support levels hold.
Buy
CLOSEDWTI
End Time
63.500
Entry Price
67.000
TP
61.600
SL
63.724 -0.313 -0.49%
330
Points
Profit
61.600
SL
63.830
CLOSING
63.500
Entry Price
67.000
TP
West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange (NYMEX) hovered cautiously near Tuesday’s low of $63.00 per barrel during Wednesday’s European trading session, reflecting a market in wait-and-see mode ahead of fresh U.S. inventory data and escalating geopolitical tensions that could weigh on global oil demand.
Market participants are closely monitoring the weekly U.S. Energy Information Administration (EIA) report for the week ending August 22, with expectations pointing to a modest decline in crude stockpiles. Analysts surveyed by industry sources anticipate a 2 million barrel reduction, a slowdown from the 6.01 million barrel draw reported last week. While inventories are expected to continue their decline, the pace of reduction has moderated, indicating that underlying demand may be softening.
Adding to market unease, U.S. President Donald Trump announced on Tuesday a sharp increase in tariffs on imports from India, imposing a 50% levy on Indian purchases of Russian crude. The tariff measure, set to take effect at 12:01 a.m. EDT (09:31 p.m. IST) Wednesday, has raised questions over the trajectory of global oil demand. India, one of the world’s largest oil importers, could see demand for energy soften if the tariffs disrupt supply chains or make Russian crude less competitive. Note that while Indian refiners have diversified their sources in recent years, a sudden cost shock from U.S. tariffs could temporarily curtail buying, adding bearish pressure on crude prices.
Technical Analysis
On the technical front, WTI crude continues to trade within a cautiously bullish framework. Prices have been forming higher highs and higher lows on intraday charts, reflecting an underlying uptrend, but momentum remains fragile. The $64.00 level is emerging as a crucial pivot; a sustained move above this zone could open the door to a short-term target of $65.24.
Conversely, a breach below $63.338 on the four-hour chart could signal a breakdown of the bullish structure, potentially triggering a renewed slide toward lower support levels and invalidating the current uptrend.
TRADE RECOMMENDATION
BUY WTI
ENTRY PRICE: 63.50
STOP LOSS: 61.60
TAKE PROFIT: 67.00
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