Oil prices rise as traders await Trump's statement on Russia
Oil at the basic level
Oil prices rose slightly on Monday as investors awaited more details on President Trump's important statement on Russia later on Monday, after he expressed displeasure with Russian President Vladimir Putin over the war in Ukraine.
There is a possibility that Trump will announce additional sanctions on Russia, and therefore this may lead to a change in the oil outlook if the sanctions target the Russian energy sector.
At the same time, China's oil imports rose by about 7% year-on-year in June, pushing its growth in the first half to 1.4%.
However, rising prices are limiting its gains escalating trade tensions, as the latest threats of US tariffs overshadow the outlook for energy demand.
Oil at the technical level
Oil prices have risen strongly over the past two weeks after prices rebounded from the levels of retesting the broken down trend on the daily frame, near the support cluster, which is centered around the levels of 64 to 63.50 dollars per barrel.
We still expect a further rise in oil during the coming period, targeting resistance levels of 70 and then 71 dollars per barrel in the near term, then levels of 75 followed by levels of 80 dollars in the medium term.
Any corrective pullback is considered a good buying opportunity for oil as long as it is trading above USD 65.50 per barrel.
