Crude oil prices were on the backfoot following the weekend comments from President Trump. The President dismissed reports of an early rollback of tariffs as reported last week.
However, Trump said that the trade talks were progressing smoothly. The initial euphoria of progress on the trade talks looks to be putting pressure on oil prices as well.
WTI Crude Oil Consolidating Near Current Highs
Oil prices are pulling back from the intraday lows. However, the gains look to be stuck near the resistance area of 57.87 – 57.64.
A reversal off the resistance level could trigger short term declines. The minor support at 56.28 will be key in the near term. A close below this level will, however, see oil prices retreating again.
