On Wednesday(August 6), crude oil prices fell for the fifth consecutive trading day, as the market awaited whether U.S. President Donald Trump would escalate sanctions on Russian energy exports. Intra-day losses deepened following reports that Trump plans to meet with Russian President Vladimir Putin in the near future.
Since late June, WTI crude futures have been fluctuating within a $65–$70 per barrel range. Market participants are watching closely whether Trump’s tariff policies might dampen global demand, or whether pressure on India could reshape its crude purchasing behavior.
WTI crude fell 1.2%, closing just above $64 per barrel.
Trading suggestion: On the daily chart, WTI crude oil reached a high of $67.14, but then reversed sharply. It fell to a daily low of $64.03 before stabilizing, and finally closed at $64.69, forming a daily candlestick with a very long upper shadow resembling an inverted hammer. This pattern suggests continued bearish pressure.
Trading Strategy: Sell near 65.8, Stop loss 66.3, Target 64.5–63.
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