On Tuesday (September 16), international oil prices rose by more than $1 per barrel as traders weighed the impact of Ukrainian drone strikes on Russian ports and refineries, which may disrupt supply, while awaiting the Fed’s decision.
Analysts at JP Morgan noted that attacks on export terminals such as Primorsk are aimed at restricting Russia’s ability to sell oil abroad, thereby impacting international exports. More importantly, such actions highlight a growing willingness to disrupt the global oil market, which could provide further upward pressure on prices.
WTI crude futures rose $1.22, or 1.9%, to settle at $64.52 per barrel.
Trading suggestion: After bottoming at $62.9, WTI rallied strongly, reaching as high as $64.79 before consolidating. It finally closed at $64.58 with a bullish daily candlestick, featuring a longer lower shadow than upper shadow. This indicates a valid breakout above the neckline of a double-bottom pattern. Today’s setup favors buying on dips.
Trading strategy: Buy near 63.8, SL 63.3, TP 64.2–65.5.
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