Oil technical analysis: WTI skyrockets to $57.40 a barrel as the US-China trade war eases

  • WTI rises as the US says some tariffs won’t enter into effect until December 15.
  • The levels to beat for bulls is $57.40 a barrel.

Oil 4-hour chart

WTI (West Texas Intermediate) is up sharply as the US announced it would delay some of the planned tariffs to December 15. The market can potentially rise to 58.50 resistance but the bulls need a convincing break above 57.40 resistance. Support is seen at $56.00 and $55.00 a barrel.

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