Australia Exchange's official website: Can a weaker dollar help WTI crude oil hold key levels?

Crude oil steadied in the European session on Wednesday, holding above $75.53 for the second day in a row. Traders will keep a close eye on U.S. inventory data and the broader macroeconomic backdrop.Aohui official websiteTo determine the next move in crude oil prices.

Is the devaluation of the dollar a lifesaver for oil prices?

A weaker dollar provided key support for oil prices, which were trading near two-week lows. A weaker dollar made crude more affordable to international buyers, boosting demand. UBS analyst Giovanni Staunovo highlighted positive risk sentiment in financial marekt, which further pushed crude prices higher. Expectations of a decline in U.S. crude inventories also encouraged traders, although official data has not yet been released.

How will Trump's trade and energy policies affect the oil market?

Traders are keeping a close eye on President Trump's aggressive trade and energy policies. Trump has already hinted at the possibility of a 10% tariff on Chinese imports and up to 25% on goods from Mexico and Canada. The measures have created uncertainty in energy markets, with analysts warning about the potential demand impact. ING analysts noted that attention is turning to the risk of trade tensions undermining global oil consumption.

On the supply side, Mr. Trump declared a national energy emergency to speed up domestic oil and gas production. While the move is unlikely to have a significant impact on near-term output, analysts at Morgan Stanley said it could ease the decline in demand for refined products over time.

Will winter storms and supply disruptions drive up prices?

Extreme winter conditions have reduced North Dakota's oil production, with an estimated loss of 130,000 to 160,000 barrels per day. These supply disruptions, combined with cooler weather along the U.S. Gulf Coast, have created additional complications for the oil market. Despite broader bearish pressure, seasonal factors such as increased heating demand are providing support for prices in the near term.

On the 4-hour chart, crude oil prices showed a steady downward trend, falling below the neck line where the head and shoulders pattern has been broken. It is important to note that our target price starts at $75.53 and extends to $73.90 after falling below this level. To achieve these goals, prices need to remain below $77.53 and $78.25.

Today's expected trading range is between the $75.00 support level and the $78.00 resistance level.

At 21:50 Beijing time, WTI crude oil was quoted at $75.92 per barrel, an increase of 0.12%.