Last Friday (August 15), international oil prices fell by nearly $1, as traders awaited the meeting between U.S. President Donald Trump and Russian President Vladimir Putin, which could lead to a relaxation of sanctions on Moscow over the war in Ukraine.
Expectations of an oversupplied crude market further weighed on prices, and with the prospect of U.S. interest rates staying “higher for longer,” market sentiment turned cautious.
U.S. West Texas Intermediate (WTI) crude futures fell $1.16, or 1.8%, to settle at $62.80 per barrel.
Trading suggestion: Crude oil opened last week at 63.58, then rose to 64.7 before coming under pressure and falling back. The weekly low reached 62.06, after which the price rebounded in a choppy move. The week finally closed at 63.26, forming a long-legged doji candlestick with equal upper and lower shadows.
Trading strategy: Sell near 63.5, Stop loss 64, Target 62.5–61.4.
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