On Thursday (August 28), oil prices closed higher after initially falling intraday. Sentiment shifted after the White House said President Donald Trump was “very displeased” upon learning that Russia had launched missile and drone attacks on Ukraine.
Oil prices remain under pressure due to expectations that U.S. fuel demand will decline after the Labor Day holiday weekend. Meanwhile, OPEC+ plans to increase production by 547,000 barrels per day in September, adding to supply-side pressure.
October West Texas Intermediate (WTI) crude oil futures on the New York Mercantile Exchange rose USD 0.45, or 0.7%, to settle at USD 64.60 per barrel.
Trading suggestion: WTI dropped to USD 63.93 before rebounding strongly. It reached a daily high of USD 65.28 before consolidating, and closed at USD 64.88 with a doji-like candlestick with long upper and lower shadows.
Trading strategy: Buy near 64.2, SL 63.7, TP 64.8–66.2.
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