WTI Crude Steady at $63.50 Before Putin-Trump Meeting.
WTI crude holds steady near $63.50 as markets await the Putin-Trump meeting
FUNDAMENTAL OVERVIEW:
Crude oil prices hovered in a narrow range around $63.50 on Tuesday, consolidating Monday’s rebound from two-month lows near $62.00. Gains remain capped ahead of the upcoming Trump-Putin meeting later this week.
While investors hold moderate optimism for progress, expectations for a lasting peace deal are fading after the U.S. deadline for Russia to end hostilities expired without consequences. Putin has insisted on recognition of occupied territories to halt attacks in Ukraine, a demand rejected by President Volodymyr Zelensky.
Earlier, Trump had threatened new sanctions and 10% tariffs on countries purchasing Russian oil if the war persisted, but with the deadline passed last Friday, Russia has instead intensified its offensive.
These geopolitical tensions have counterbalanced the bearish pressure from OPEC+’s larger-than-expected production increase, which, against a backdrop of a soft global economic outlook, has raised oversupply concerns.
CRUDE OIL TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Crude Oil is trading within a down channel.
Crude Oil is moving below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Neutral Zone, while the Stochastic oscillator suggests a Negative trend.
Immediate Resistance level: 65.10
Immediate support level: 60.60
HOW TO TRADE CRUDE OIL
Crude oil, after a sharp rally, faced strong rejection and reversed sharply lower. Despite multiple rebound attempts, prices failed to recover and broke through a major support zone. It is now trading below a key resistance level, and sustained trading beneath this zone could pave the way for further downside movement.