Crude futures gained for a third consecutive session with rising geopolitical risk following reports that NATO planes shot down Russian drones over Poland and of Israel’s strike yesterday targeting Hamas leaders in Qatar.
Reports of President Trump’s asking the EU to implement 100% tariffs on both India and China if they continue to buy Russian oil could also be short-term supportive for crude, Dennis Kissler of BOK Financial says in a note.
October WTI remains technically in a “sideways bearish formation,” he says, with major support at $61.67 and resistance at $64.26.
