The price of WTI Crude Oil settled below 60.07, adjusting by –4.63% after reports that the White House would impose an additional 100.0% tariff on Chinese imports from November 1. Following this, representatives of the Chinese Ministry of Foreign Affairs announced retaliatory measures. 

During the morning session, WTI Crude Oil prices are falling slightly, staying close to the May 6 low of 58.00, renewed yesterday, as investors assess the escalating tensions in US-China trade relations.

At the end of last week, WTI Crude Oil prices corrected downwards to the May low of 61.90, as US President Donald Trump brokered a truce under which Israeli troops will leave the Gaza Strip and the Palestinian movement Hamas will release the remaining hostages and no longer participate in the administration of the sector, while the Yemeni Houthis announced the lifting of the naval blockade, which will also simplify the logistics of supplying the black gold market from the region in the future.

A fall is possible.

On the daily chart, the downward correctional second wave of the highest level (2) and the wave C of (2) develop. Now, the fifth wave of the lowest level v of C of (2) and the wave (v) of v of C is forming. If the assumption is correct, the price of the asset will fall to the area of 55.45–51.88. In this scenario, the critical stop loss level is 63.16.