Brent crude oil futures edged up 2 cents to $67.24 per barrel on Wednesday (August 27), while US WTI futures remained unchanged at $63.25. Both contracts fell over 2% on Tuesday, ending a two-week winning streak. This is due to the impending US tariffs on India, which are creating uncertainty in the global crude oil supply and demand balance. The US government decided to impose an additional 25% tariff on Indian exports, raising the overall tariff rate to 50% effective Wednesday morning, making it one of the highest trade restrictions in recent years.

In the short term, the market will continue to be influenced by a combination of geopolitical conflicts, Russia-India energy cooperation, and US tariff strategies. Oil prices are expected to fluctuate between support and resistance, while the long-term trend depends on whether India seeks greater autonomy in the global energy market.

Based on the daily crude oil market, WTI crude oil has established temporary support around $63, but significant pressure is evident in the $65-$66 range. Technical indicators show a flattening of short-term moving averages, a narrowing MACD momentum bar, and a neutral RSI, suggesting a lack of clear market direction.

If the price breaks through $66, it could potentially rise to $68; however, if it falls below $63, it could retest $60. The overall market is range-bound, awaiting further guidance from fundamental news. Overall, today's crude oil trading strategy recommends buying on rebounds, supplemented by buying on dips. Focus on resistance at $65.0-$66.0 in the short term, while focus on support at $62.0-$61.0.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.