Oil Prices Slide on Trump Jitters, Weak China Data: Expert Trading Tips
Oil prices took a hit as Donald Trump’s demands for lower crude prices and weak economic data from China spooked investors.¹ The US President’s call for OPEC to lower crude prices, coupled with his imposition of tariffs on Colombia, has created uncertainty in the market. Additionally, weak purchasing managers’ index data from China, the world’s top oil importer, showed that local business activity remained under pressure.
Key Drivers of Oil Prices
- Trump’s Demands for Lower Crude Prices: Creating uncertainty in the market and putting pressure on OPEC
- Weak China Data: Impacting demand concerns and contributing to the decline in oil prices
- Global Economic Uncertainty: Driving investors towards safe-haven assets
Expert Trading Tips and Analysis
Get expert trading tips and analysis on crude oil, gold, silver, XAUUSD, and natural gas.
- Crude Oil Trading Tips: Sell oil futures on rallies
- Gold Trading Tips: Buy gold futures on dips
- Silver Trading Tips: Watch for breakout above $18.50
- XAUUSD Trading Tips: Buy on dips
- Natural Gas Trading Tips: Track weather forecasts
Market Outlook
The current market sentiment is bearish for crude oil, with investors expecting further price decreases amid ongoing demand uncertainty. However, some analysts believe that oil prices may rebound in the long term, driven by increasing global demand and limited supply.
Technical Analysis
- Support levels: $73.50, $72.50
- Resistance levels: $76.50, $77.50