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Oil Prices Rally After Recent Trump Comments on Russia

U.S. President Trump’s support for Ukraine has sent short sellers fleeing from crude oil and sparked another potential low.

USOIL – Daily Chart

USOIL – Daily Chart

The USOIL price has moved toward a test of the $66.00 overhead resistance after multiple support bounces from around $62.00. This could mark a medium-term low for the price of crude oil.

Oil prices recently hit seven-week highs after strong inventory data and rising geopolitical risks added fresh buying momentum, leading to short sellers pulling back.

Additionally, geopolitical tensions added further support to crude prices after Iran pledged to continue selling oil to China despite the risk of sanctions. More important was the stance of U.S. President Trump on the Ukraine and Russia conflict.

Trump warned Europe to halt Russian energy imports or face tariffs, which added to supply concerns ahead of the European winter.

But Trump also pushed his support further for Ukraine, saying they could take back the territory they lost to Russia, “and maybe more”. His comments hinted at Ukraine moving into Russian lands, and he also said Russian economic weakness showed they were a “paper tiger”.

His comments led traders to realize that there is no imminent end to the conflict ahead, with the potential for escalation. Oil markets are repositioning to meet that reality.

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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