Crude oil price rises sharply to $65.97

April 22, OctaFX – Crude oil price rose sharply as investors expect the US to end Iran import waivers. The Trump administration will soon force all importers of Iranian oil to end their imports or face U.S. sanctions. This was somewhat of an expected move since the imports were expected to end in May this year. The decision will lead to more tightening in an already tight crude oil market.

XTIUSD price technical forecast

On the hourly chart, this price is above the important resistance level of $64.63. It is also above the 25-day and 50-day moving averages. The RSI has moved to above 70, while the Bulls Power too has continued to rise. The pair will likely continue moving higher as supply tightens. In the near term, the pair could test the important support of $70.


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