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Forex

Crude oil price rises sharply to $65.97

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.

Crude oil price rises sharply

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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