Crude oil price has been on the back foot since July but has recently found some traction and bulls are stepping in to protect the $55 handle.
16 August 2019, OctaFX – The price of crude oil rose slightly after Gibraltar released the oil tanker that was captured a few weeks ago. This decision will likely ease tensions between London and Tehran, which have been having a difficult time over the past few weeks.
It was captured because of allegations that it was transporting crude oil to Syria in violation of European Union sanctions. Gibraltar said that Tehran has offered assurance that the tanker won’t violate the sanctions. This tanker news means that Iran will likely release a UK vessel that it captured a few weeks ago. Later today, the market will receive the monthly oil report from OPEC.
Crude oil price technical forecast
The XBRUSD pair started moving lower on Wednesday when it reached a peak of 61.23. Yesterday, the pair reached a low of 57.36. On the hourly chart, the pair is slightly above the 23.6% Fibonacci Retracement level. The pair is along the 14-day and 28-day moving averages while the RSI has been moving higher. The pair will likely see significant movements in either direction after OPEC releases its monthly report.
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