On Thursday (August 14), international oil prices rose about 2%, hitting a one-week high. This was driven by U.S. President Donald Trump’s warning that if talks with Russian President Vladimir Putin over Ukraine fail, there will be “serious consequences.” In addition, expectations that the Federal Reserve might cut interest rates next month boosted demand prospects for crude oil.
Expectations for a September Fed rate cut also supported oil prices. After July U.S. consumer prices rose moderately, traders broadly believe a rate cut next month is likely.
September NYMEX WTI crude oil futures rose $1.31, or 2.09%, to settle at $63.96 per barrel.
Trading suggestion: On the daily chart, crude oil touched a low of 62.67 before strongly rebounding. It then reached a high of 64.22, followed by consolidation. The day closed at 64.08 with a daily candle that had a slightly longer lower shadow than upper shadow, showing a solid bullish body.
Trading strategy: Buy near 63.3, Stop loss 62.8, Target 64–65.
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