Crude oil price is bullish above $68.00 in Monday action as tensions between the US and Iran take hold, while US production sees a stutter of its own. What level should traders now watch?
10 September, OctaFX – Another two oil rigs were shuttered last week, and the overall number of US oil rigs in operation has continued to flounder with few bright spots, and the 860 count has become a familiar number for 2018.
US sanctions against Iran are also due in November, where the US is also pushing close allies to eschew Iranian oil imports under threat of trade sanctions of their own, and oil markets are getting antsy as the deadline for US action against Iran approaches, and oil traders will be looking for reasons to continue bidding prices higher.
Crude Oil Price Bullish Above $68.00
Crude oil looks set to make a bullish bounce from last week’s low of 66.84, but oil prices are notably off of September’s current high of 71.65, with the last notable swing high at July’s peak of 75.35, with support firming up from the 200-day EMA at the 65.00 major technical level.
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