April 9, OctaFX – Crude oil price remained near a five-month high after US and Iran continued their conflict. In a statement, the United States announced that it was labeling the Iranian Revolutionary Guard as a foreign terrorist organization.
In response, Iran branded the United States’ Central Command in the region a terrorist organization. Iran accused the US of taking innocent lives in the Middle East, such as shooting a civilian aircraft in Iran, 1988. The US said that it mistook the plane for a military aircraft. The upward trend in the crude price is also because of ongoing fighting in Libya.
Crude oil price forecast
The XTIUSD pair continued to move upwards as investors continued to focus on OPEC supply, the new conflict between the US and Iran and the ongoing conflict in Libya. The pair is now trading at 64.45, which is above all the short and medium-term EMAs on the four-hour chart.
The RSI has moved slightly downwards to the current level of 70, while the momentum indicator has remained above the 100 level. Therefore, the pair will likely continue moving upwards to above the 65 level.
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