President Trump’s statement that China agreed to buy US oil lifts WTI to $100.05, though Beijing has not confirmed the deal.
West Texas Intermediate crude surged past $100.00 to $100.05 after President Trump said China committed to purchasing US oil. The move followed a two-day summit with Chinese President Xi Jinping, though no formal agreement was announced.
Prices extended gains despite the lack of confirmation from Chinese officials or details on reopening the Strait of Hormuz. Prior to the rally, WTI traded near $95.11, with technical indicators signaling renewed bullish momentum.
Analysts now eye resistance at $103.80 and $107.35, while support levels hold at $95.11 and $90.90.