WTI Crude Oil Futures (April)

Friday’s Settlement: 67.04, up +0.68 [+1.02%]

Futures continued the bounce off technical support on Friday following Thursday’s nearly unchanged move. On Friday, a high of 68.22 was made, above the longer-term pivot pocket we’ve been highlighting.

Tariff headlines were ping-ponging back and forth between canceled, delayed and accelerated. The trading environment lacks anything close to clarity.

Tangibly, the US dollar traded much weaker last weak while the Euro went on a tear. The dollar weakness should aid in supporting oil when oversold levels get to extremes. The Chinese macro economic situation still looks rocky while the U.S. economy is teetering into recession.

Today, April Futures are higher by +0.48 [+0.72%] to 67.52

The macro environment is trading risk off this morning with U.S. equities sharply lower and bonds higher. Precious metals are flat to lower but gaining strength here into the open.

China’s retaliatory tariffs against U.S. agricultural products went into place today, China also announced that retalitory tariffs on Canadian Ag targets would be put in place as well.

Chaos and confusion continue to be the theme of this trading environment as every day brings about a flip-flop on trade policy and tariffs.

Technical Analysis:

WTI Crude Oil futures closed higher on Friday but failed to settle above our longer term pivot pocket of 67.60-68.00***. This level will serve as resistance until consecutive settlements above this level.

Today, futures are trading back up into the..

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