WTI Crude Climbs to $61.66 as Tariff Relief and China’s Oil Demand Lift Market Mood

Oil prices edged up on April 15 to $61.66 a barrel. That was after President Trump hinted the US might ease tariffs on imported cars, electronics and smartphones. That gave markets a temporary boost of optimism.

That policy shift certainly lifted investor confidence—but traders are still on edge. The unpredictability of US trade strategy is weighing heavily on sentiment. And keeping risk appetite in check.

China—one of the world’s biggest oil importers—just reported a 5% year-over-year rise in crude imports for March. That jump is likely down to concerns over renewed US sanctions on Iranian oil. Energy Secretary Chris Wright hinted at tougher enforcement amid ongoing nuclear tensions.

WTI Crude Technical Analysis: Price Coils Near Resistance

WTI is holding steady around $61.66. It’s showing signs of consolidation after those recent swings. The price action is forming a symmetrical triangle. That can be a sign of a potential breakout.

Crude is trading just above its 50-period EMA at $61.22. That indicates a slightly bullish lean. But the real test is yet to come.

The key level to watch is $63.65—the top of the triangle and 50% Fibonacci retracement. If crude breaks above that, it could trigger a rally towards $65.67 or even $67.20.

On the downside, support is near $60.50. If that breaks, the next stops could be $59.13 or $56.82.

Beginner Trade Setup

Buy when you see a confirmed breakout above $63.70. Your targets are $65.65 to $67.20. If you do get in too early, be prepared to tighten your stop-loss to $60.40.

That setup aims to catch a clean breakout. Just make sure volume picks up and RSI pushes above 60 before you jump in. Getting in too early inside the triangle can increase your risk.

What’s Next for Oil?

Prices have found some footing, but the broader sentiment is still cautious. Trade tensions and geopolitical uncertainty—especially around Iran—are keeping the market on edge.

For now, traders should keep a close eye on any new tariff developments and headlines out of the Middle East. Those will be key in shaping oil’s next move in the weeks ahead.