Crude oil prices are holding steady after the sharp increase during yesterday's session, after the US and China agreed to a temporary trade truce, and despite Qatar's announcement that it will leave the OPEC group on January 1st, possibly due to the strained relations with Saudi Arabia and pressure from US president Trump. Today's API Crude stock report will be crucial for traders as any increase in figures would jeopardize this recent trade relief rally.
After trying to break and settle below the $50.17 support level on numerous occasion, Crude oil prices had a breakout to the upside by more than 5% since this morning. The price is currently above the $53 level with a bullish momentum as we can see on the chart and looks ready to retest the $55 resistance level that is why we will be focusing on this level.
Support: 50.86 / 50.00
Resistance: 51.98 / 52.53