Crude oil was trading lower on Tuesday. Oil prices were trading subdued as escalating trade wars increase the prospects of a global slowdown. This comes despite the US lifting the waivers on Iran oil export sanctions. Oil could be trading lower as we expect many of the refineries that were offline to jump back into production.
Can Oil Rebound Higher?
WTI Crude oil reversed the recent declines posting three consecutive sessions of gains on the 4-hour chart. However, price action remains caught below the resistance area of 62.85. A close above this resistance is needed for oil prices to retest the previous highs. The resistance area of 64.55 remains a key level for oil prices to establish resistance more firmly.
