WTI Crude Oil Futures Rebound Amid Trade Tensions and Inflation Flows
WTI Crude Oil Futures (March)
Friday’s Settlement: 71.00, up +0.80 [+1.13%], down -1.53 [-2.11%] for the week
WTI Crude oil futures bottomed on Friday after a rough week of trading.
Trade tensions, especially with China, weighed on the contract as news broke that Chinese refiners would be reselling previously secured U.S. barrels back onto the export market.

Today, futures are higher by +1.00 [+1.44%] to 72.03
President Trump announced blanket 25% tariffs on Aluminum and Steel over the weekend. The commodity space is seeing strength this morning as inflation flows and commodity index longs continue to build.
The macro environment is trading mixed with the Dollar stronger, rates lower, and metals markedly higher alongside both Crude Oil and equity indices.
Last Friday’s COTR report from the CFTC showed that managed money had pulled back their bullish bets in crude oil once again. The two week pullback in bullish bets has been at the fastest pace since 2017.
Russia reported that their January production levels had fallen even further below their OPEC+ allocation to 8.962mln bpd.
Technical Analysis:
WTI Crude Oil futures held our key three-star support level of 70.53-70.64* last Friday as traders covered shorts into the weekend. Futures are trading above our major, rare four-star support level of 71.25-71.63** this morning.
If futures can settle above this major four-star level, it would signal a clear turn in momentum. While the fundamental headwinds remain fairly significant, inflation flows and technical support may aid the contract. Traders need to continually be aware of headline risk and whippy markets.
For intraday trading our pivot and point of balance is set at 71.25**** with support at 70.64 and resistance at 72.00. At the U.S. open, WTI Crude Oil futures are attempting to make a breakout. Through the day, a better buy level may present itself.
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