WTI prices are on the rise this morning amid market optimism surrounding the US-China trade deal. Presidents of the US and China finally agreed on a trade ceasefire between the world’s two largest economies with further talks to restart from July 02. The US promised to refrain from additional tariffs on China and giving some leeway to Huawei for the time being while China offered more farm imports from the US. Adding to this, Russia and Saudi Arabia showed an inclination to extend the global oil production cut accord by 6-9 months.
Crude prices are on the bids above the $60 mark this morning as momentum regained force again after taking a breather last week. The price is currently hovering around the $59.99 resistance level and seems to be on the way to break it to the upside as overbought conditions are still far. We will be focusing on the upside and the next level to watch will be the $61.05 resistance level.
Support: 59.28 / 58.80
Resistance: 59.99/ 60.55