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Donald Trump’s Comments Supported Oil Prices

Oil prices rose on Thursday after U.S. President Donald Trump said that Saudi Arabia and Russia could soon reach an agreement to end the price war, while Russian President Vladimir Putin called for a solution to stabilize the oil market.

At the beginning of the day, Brent rose by 12% and WTI quotations jumped by 10%.

Trump said that he had held telephone talks with the heads of Russia and Saudi Arabia and expressed hope that the two countries would soon conclude an agreement and stop the price war.

Trump also intends to hold a meeting with the heads of major U.S. oil companies on Friday, where he is expected to discuss measures that can help the industry in the face of a sharp drop in oil prices.

Despite Trump's optimistic statements, many experts warn that there is still a long way to go before an agreement on production cuts is reached. And the situation on the oil market remains complicated and tense. The harsh reality is reflected in the data released on Wednesday by the US Department of Energy, according to which commercial oil reserves grew by 13.8 mn barrels over the week, exceeding forecasts several times.

The chart shows a break-down of the resistance at 23.20. This is a signal for further upward movement with the target at 25.75.

  • Resistance levels: 25.75, 27.50.
  • Support levels: 23.00, 21.30, 20.35.

The main scenario is the growth to 25.75.

The alternative scenario is the strengthening below 23.20 and a decrease to 21.30.

Fundamental background - moderately positive. Local bullish signals prevail in the chart. Intraday, we consider buying the instrument if the price rolls back to 23.00.

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