The main focus is now on a retest of the year to date high (and 2011 low) around 75.15. Above here and the next technical resistance level will be the 61.8% retracement from 2014 highs around 79.51. To the downside, support is seen along the bullish channel base which, while intact, keeps focus on the further upside.
MCX Crude Stop Loss Hit 4933 Crude Call Closed – Neal Bhai Reports
The recent gains in WTI and Brent were a treat for investors and a boon for oil bulls. The original catalyst for this most recent rally was a bullish inventory report, with the EIA announcing that inventories at Cushing, Oklahoma, had declined by 5.8 million barrels. A larger than expected drop of 600,000 bpd in Iranian exports helped to drive prices higher still. Finally, the maiden speech of the Fed’s new chairman, Jay Powell, served to weaken the dollar and send oil prices upwards once again.
Futures in New York closed down 0.2 percent on Thursday. Iran is in the midst of a currency collapse, water shortages and deadly street protests as U.S. sanctions isolate the regime and some of the Islamic Republic’s biggest oil buyers look elsewhere for supplies. But the intensifying dispute between the world’s largest economies took center stage, imperiling economic growth.
Gold Silver Reports (GSR) – The US official reimpose sanctions on Iran today in a move that will cut global oil supply. The news was accompanied by a presidential tweet.
Gold Silver Reports (GSR) – Crude Oil Slip But Markets Remain Hold Above $71 — U.S. West Texas Intermediate (WTI) crude futures were at $72.54 a barrel at 0253 GMT….., down 22 cents…, or 0.3 percent from their last settlement.
Gold Silver Reports (GSR) – Crude Oil Retailers Extend Slide Tracking Rising Crude – Shares of the oil refining companies extended fell for second day in a row as crude continues to rise in international markets….
WTI CRUDE OIL Level 26.95 WTI CRUDE-OIL Watch Low $ 26.95 level, Above 26.95 Target $ 30- 34 Levels Very Very Soon.. Don’t Panic @ Lower Levels