On last Friday (August 1), international oil prices fell sharply amid concerns that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may increase production. In addition, weaker-than-expected U.S. employment data fueled worries over future demand.
JPMorgan analysts noted that Trump's threat of sanctions against major buyers of Russian oil, such as China and India, could put 2.75 million barrels per day of Russian seaborne oil exports at risk. Notably, China and India are the world’s second- and third-largest oil consumers, respectively.
West Texas Intermediate (WTI) crude fell by $1.93, or 2.79%, to settle at $67.33 per barrel.
Trading suggestion: On the weekly chart, crude oil reached the previous trendline resistance near 71.2, then experienced a strong pullback. The weekly candle closed at 67.8, forming a candlestick resembling an inverted hammer with a very long upper shadow. This type of candlestick indicates potential bearish pressure going forward.
Sell near 68.6, Stop loss 69.1, Target 67-66.
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