Crude Oil Price Analysis

Oil at the Fundamental Level 

Oil prices rose during trading on Tuesday, despite easing concerns over supply disruptions. U.S. President Trump stated that he would postpone the planned U.S. attack on Iran at the request of Gulf leaders to allow for talks with Tehran regarding a potential agreement to end the war, leaving the door open for a diplomatic solution.

Oil from a Technical Level

West Texas Intermediate (WTI) crude prices rose today to reach $103 per barrel, with oil trading within an ascending price channel, rebounding from the upper boundary of this channel as well as the downtrend levels on the four-hour chart.

Under the influence of a negative divergence of the MACD indicator for the four-hour timeframe.

Oil is expected to pull back in a corrective move near the $97.00 to $96.00 per barrel levels as an initial target, followed by the $90 per barrel level in the medium term.

This scenario fails if the $107 level is breached.