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21 March 2025,02:12
Trade Of The Day
21 March 2025, 02:12
*Crude oil prices edged higher after the United States imposed sanctions on a Chinese refinery, escalating efforts to curb Iranian oil exports. The US specifically targeted Shandong Shouguang Luqing Petrochemical Co. and its CEO for allegedly purchasing Iranian crude, raising concerns over potential supply disruptions. As a result, investors reacted to the tightening supply outlook, driving oil prices higher amid heightened geopolitical tensions.
* Technical Breakdown: Crude oil is currently testing a key resistance level at 68.50, with traders watching for a potential breakout. If bullish momentum persists, prices could extend gains toward the 69.30 resistance level. However, MACD signals weakening bullish momentum, while RSI at 71 suggests overbought conditions, increasing the likelihood of a retracement. If oil fails to hold its gains, a pullback toward 67.75 support could follow.
Escalation of trade wars and tariffs could weaken global economic optimism, reducing oil demand.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Keep an eye on potential Trump’s tariffs implementations, and global trade developments for further market direction by following PU Xtrader’s financial news page.
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