On Tuesday (August 5), international oil prices edged lower as concerns over OPEC+ production increases and weak global demand outweighed U.S. President Donald Trump's tariff threats against India for purchasing Russian crude oil.
UBS analysts stated that the oil market is currently in a relatively stable state, which may persist until further actions from President Trump regarding Russia and responses from major buyers like India and China are observed.
The U.S. West Texas Intermediate (WTI) crude futures fell by $1.19, a decline of 1.8%.
Trading suggestion: After reaching a daily low of 65.46, WTI crude consolidated and closed at 65.62. The daily chart showed a large bearish candle with symmetrical upper and lower shadows, effectively breaking below key support.
Trading strategy: Sell near 66.2, Stop loss 66.6, Target 65.45 – 64.6.
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