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Oil Prices Rally After Recent Trump Comments on Russia

U.S. President Trump’s support for Ukraine has sent short sellers fleeing from crude oil and sparked another potential low.

USOIL – Daily Chart

USOIL – Daily Chart

The USOIL price has moved toward a test of the $66.00 overhead resistance after multiple support bounces from around $62.00. This could mark a medium-term low for the price of crude oil.

Oil prices recently hit seven-week highs after strong inventory data and rising geopolitical risks added fresh buying momentum, leading to short sellers pulling back.

Additionally, geopolitical tensions added further support to crude prices after Iran pledged to continue selling oil to China despite the risk of sanctions. More important was the stance of U.S. President Trump on the Ukraine and Russia conflict.

Trump warned Europe to halt Russian energy imports or face tariffs, which added to supply concerns ahead of the European winter.

But Trump also pushed his support further for Ukraine, saying they could take back the territory they lost to Russia, “and maybe more”. His comments hinted at Ukraine moving into Russian lands, and he also said Russian economic weakness showed they were a “paper tiger”.

His comments led traders to realize that there is no imminent end to the conflict ahead, with the potential for escalation. Oil markets are repositioning to meet that reality.

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