Oil markets are underestimating the impact that a collapse of the Iran nuclear deal and the re-imposition of U.S. sanctions on Iran could have on prices. Meanwhile, how is the black gold currently trading? This and more are discussed in this 27 April Crude Oil Price Fundamental Analysis.
27 April, GKFX – WTI Crude hasn’t been able to develop much momentum in either direction, trapped in the middle of the week’s range and currently trading near 67.95.
Crude on continued Middle East concerns
Oil lifted back into 2018’s highs when the Syrian civil war spilled over as the US and Russia came to loggerheads over Syria’s use of chemical weapons on its own people, but the conflict faded without incident.
US oil production continues to choke up supply lines and producer stocks, but oil prices are remaining elevated with uncertainty surrounding the current Iranian deal. US President Donald Trump has continuously threatened to pull out of the Iran deal and resume imposing stiff economic sanctions on the country, a move that was dropped when the US and several allies came together to provide Iran with a deal in exchange for denuclearization.
27 April Crude Oil Price Fundamental Analysis
Crude is currently trapped by a soft double-top from the 69.00 handle, with this week’s last swing low at 68.40 providing immediate resistance. Bears will find support from the last major low at 65.90, with further support from 65.00, the 50.0 Fibo level of the last leg up that began three weeks ago from 61.90.
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