Crude oil pulled back from its new local high – Trump tariff news, inventories to influence price next.

Crude oil futures lost 0. 39% on Tuesday, but remained above the key $70 level that was breached during Monday's 3. 1% rally. Today, oil is trading 0. 3% lower as markets anxiously await President Trump's tariff announcement scheduled for 4:00 p. m.

The market faces several events that will likely dictate short-term price action:

  • Oil inventories release today at 10:30 a. m. - expected to show a decline of 0. 4 million barrels, though API data released yesterday showed a surprise build of 6 million barrels
  • President Trump's tariff announcement expected today.
  • OPEC+ meetings scheduled for tomorrow.

Conclusion

Crude oil is taking a breather after Monday's breakout above the key $70 level. While remaining above this level is technically bullish, today's tariff announcement and tomorrow's OPEC+ meeting will likely determine the next significant price move.

For now, my short-term outlook is neutral.

I think that no positions are justified from the risk/reward point of view.

Here’s the breakdown:

  • Crude oil has broken above the key $70 resistance level on Monday, confirming uptrend in the short term.
  • Investors are awaiting Trump's tariff announcement today and OPEC meetings tomorrow; tariff threats create potential supply concerns.
  • In my opinion, the short-term outlook is neutral.