Crude oil price has been on the back foot since July but has recently found some traction and bulls are stepping in to protect the $55 handle.
Crude oil price broke its Asian upside consolidation phase in Europe and reached fresh 5-day highs at 55.28 before reversing sharply.
Crude oil price is seen making another attempt to regain the 53 handle in the European session this Friday, having found some support near 52.40 region.
USDCAD traded with a mild negative bias through the early European session on Friday and is currently placed around the 1.3220-15 region.
Crude oil price ran into sellers again at the $57.20 to $57.40 resistance zone (R1) yesterday, as prices pulled back from the 20-period moving average finishing the session around $56.
Crude oil price free fell during yesterday’s session after a long divergence between the price and the momentum which began last week.
Crude oil price edges higher on OPEC+ allies production cut accord and prospects for improved demand following the US-China trade truce.
The 1979 oil crisis & the Iranian revolution were events that shook and changed the course of geopolitics, global power balance and the oil markets.
The 1973 Arab Oil Crisis made the history books as an event that forced the globe to change the way it did business and severely affected the world’s strongest economies.
Crude oil price downward spiral accelerates in early Europe, sending the prices nearly 2% lower to test the 52.00 support zone.