On Tuesday (August 19), international oil prices declined, as traders considered that the Russia-Ukraine war may reach a ceasefire, which could lead to the relaxation or even removal of sanctions on Russian crude, thereby boosting global supply.
Analysts at Price Futures Group noted that even with such a potential “peace dividend,” the market still holds record short positions. Since many are betting on a ceasefire, if no agreement is reached, oil prices may rebound.
US WTI crude oil futures fell 46 cents, or 0.73%, to $62.24 per barrel.
Trading suggestion: After crude touched a daily low of 62.48, prices consolidated, closing at 62.84 with a long-lower-shadow bearish candlestick.
Trading strategy: Sell near 63.4, Stop loss 63.7, Target 62.5–61.3.
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