Trump puts pressure on Russia, WTI crude oil continues to attack the key level of 69.65!
2025-07-30 10:17:50
On Wednesday (July 30th) in Asia, WTI crude oil prices were trading in a narrow range around 69.20, following a 3.39% surge overnight. Growing concerns about tightening supply supported US crude oil prices. The latest data from the American Petroleum Institute (API) showed that US crude oil inventories increased by 1.539 million barrels last week.
Amid growing concerns about global supply risks, the U.S. crude oil benchmark West Texas Intermediate (WTI) hit a high of $69.76 a barrel since June 23 during trading on Tuesday, closing at $69.25 a barrel, up 6.3% over the past two trading days.
US President Donald Trump reiterated on Tuesday (July 29) that the United States could impose additional tariffs on Russia if Moscow fails to make progress toward ending the conflict with Ukraine within 10 days. Growing concerns about the potential tightening of supply from additional sanctions on Russia have boosted WTI crude oil prices. Trump stated he is not concerned about the potential impact of sanctions on Russia on the oil market or prices and stated he would increase domestic oil production to offset any impact. Russia has not yet responded to this.
"The updated deadline caught many analysts by surprise and, if implemented, could tighten Russian crude oil and fuel supplies to global markets," said Dennis Kisler, senior vice president of trading at BOK Financial Securities.
API data showed that U.S. crude oil inventories increased last week, which may limit the upside of WTI crude oil prices.
The American Petroleum Institute (API) weekly crude oil inventory report showed that U.S. crude oil inventories increased by 1.539 million barrels in the week ending July 25, compared with a decrease of 577,000 barrels in the previous week. The market consensus had originally expected an inventory decrease of 2.5 million barrels.
Crude inventories have risen by nearly 13 million barrels so far this year, according to Oilprice calculations based on API data.
Crude oil traders will be closely watching the weekly crude oil inventory report released by the U.S. Energy Information Administration (EIA) later on Wednesday.
The Federal Reserve's interest rate decision will also be in focus, with the central bank likely to keep rates unchanged at 4.25% to 4.50% at the end of its two-day monetary policy meeting on Wednesday.
US oil prices are supported by the middle band of the price range and the middle Bollinger Band, pushing them up to the upper edge of the price range at 69.65 and the 0.618 rebound percentile. They are currently trading towards the upper Bollinger Band. Given the pressure from the upper band and the upper Bollinger Band, we await a consolidation between the MACD and zero levels after their initial cross above zero, and the RSI near 50. If the price can consolidate above the upper half of the price range at 68.13, a breakout above the upper band at 69.65 is possible, with the next target price being 72.63.
(US crude oil daily chart, source: Yihuitong)
At 10:12 Beijing time, the main contract of U.S. crude oil is currently trading at US$69.25 per barrel.
Amid growing concerns about global supply risks, the U.S. crude oil benchmark West Texas Intermediate (WTI) hit a high of $69.76 a barrel since June 23 during trading on Tuesday, closing at $69.25 a barrel, up 6.3% over the past two trading days.
US President Donald Trump reiterated on Tuesday (July 29) that the United States could impose additional tariffs on Russia if Moscow fails to make progress toward ending the conflict with Ukraine within 10 days. Growing concerns about the potential tightening of supply from additional sanctions on Russia have boosted WTI crude oil prices. Trump stated he is not concerned about the potential impact of sanctions on Russia on the oil market or prices and stated he would increase domestic oil production to offset any impact. Russia has not yet responded to this.
"The updated deadline caught many analysts by surprise and, if implemented, could tighten Russian crude oil and fuel supplies to global markets," said Dennis Kisler, senior vice president of trading at BOK Financial Securities.
API data showed that U.S. crude oil inventories increased last week, which may limit the upside of WTI crude oil prices.
The American Petroleum Institute (API) weekly crude oil inventory report showed that U.S. crude oil inventories increased by 1.539 million barrels in the week ending July 25, compared with a decrease of 577,000 barrels in the previous week. The market consensus had originally expected an inventory decrease of 2.5 million barrels.
Crude inventories have risen by nearly 13 million barrels so far this year, according to Oilprice calculations based on API data.
Crude oil traders will be closely watching the weekly crude oil inventory report released by the U.S. Energy Information Administration (EIA) later on Wednesday.
The Federal Reserve's interest rate decision will also be in focus, with the central bank likely to keep rates unchanged at 4.25% to 4.50% at the end of its two-day monetary policy meeting on Wednesday.
Technical aspects
US oil prices are supported by the middle band of the price range and the middle Bollinger Band, pushing them up to the upper edge of the price range at 69.65 and the 0.618 rebound percentile. They are currently trading towards the upper Bollinger Band. Given the pressure from the upper band and the upper Bollinger Band, we await a consolidation between the MACD and zero levels after their initial cross above zero, and the RSI near 50. If the price can consolidate above the upper half of the price range at 68.13, a breakout above the upper band at 69.65 is possible, with the next target price being 72.63.
(US crude oil daily chart, source: Yihuitong)
At 10:12 Beijing time, the main contract of U.S. crude oil is currently trading at US$69.25 per barrel.
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