Oil prices rose on Monday as markets reacted to news that China and the United States have put “on hold” a looming trade war between the world’s two biggest economies. Without further escalations, what next can we expect next? Gain insight with this 21 May WTI Crude Oil Price Technical Forecast.
21 May, GKFX – Oil is climbing to kick off the new week, and WTI spot prices are climbing into 71.90. WTI has been hitting into multi-year highs as oil prices get bolstered by tensions in the Middle East, spurred on by the US pulling out of the Iran denuclearization deal.
Oil prices boosted as China, U.S. put trade war ‘on hold’
Global markets are rallying in the new week’s action following headlines that the US and China have put their trade spat ‘on hold’, and have vowed to withhold any further tariffs for now. Markets responded positive to the news, and risk sentiment took a swing higher after months of trade tensions.
21 May WTI Crude Oil Price Technical Forecast
“In the short-term, the immediate support is seen at $71.00 (May 18 low) followed by $70.75 and $70.20 (May 14 low). To the upside, resistance levels might be located at $72.30 (May 17 high).”
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