On last Friday (September 5), international oil prices slumped sharply as weak U.S. employment data heightened concerns over the energy demand outlook.
Supply risks, however, continue to provide some support to the market. U.S. President Donald Trump recently told European leaders that they must stop purchasing Russian crude. A White House official disclosed that any reduction in Russian exports or supply disruptions could drive global oil prices higher.
U.S. WTI crude settled at $61.87 per barrel, fell $1.61, or 2.54%.
Trading suggestion: Crude oil on the weekly chart reached as high as 66.47 before coming under pressure and pulling back. The weekly low touched 61.78, followed by consolidation. The weekly close was at 62.3, forming a long upper-shadow bearish candlestick. With such a pattern, the market shows further downside potential this week.
Trading strategy: Sell near 63.2, SL 63.7, TP 62–61.
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