US CRUDE OIL

WTI oil rallied over 3.5% on Thursday, boosted by newest tensions in the Middle East after Iran shot down US military drone. The latest case adds to heated situation after two tankers were attacked near-the straight of Hormuz. Oil prices were also boosted by agreement of OPEC+ members on a date for a meeting to discuss the extension of production cut deal which expires at the end of June. Today's rally broke above 20SMA ($54.54) and pressure pivotal barriers at $56.70 (Fibo 38.2% of $66.58/$50.59) and $56.97 (falling 30SMA), break of which will generate fresh bullish signal for extension of recovery leg from $50.59 (5 June low).

Res: 56.70; 56.97; 57.32; 58.60
Sup: 55.61; 55.42; 54.79; 54.54

US Crude

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD: risk aversion could send it sub-1.1180

EUR/USD capped by a critical Fibonacci resistance for two weeks in-a-row. The American dollar has closed the week on a high note as hopes for significant rate cuts faded.

EUR/USD News

GBP/USD: bears to retake control on a break below 1.2475

Renewed demand for the greenback has resulted in the GBP/USD pair giving back half of its Thursday’s gains at the end of the week, with the pair closing it just above the 1.2500 figure.

GBP/USD News

USD/JPY: bearish case firmer once below 107.20

The USD/JPY pair flirted with the 108.00 level by the end of the week on renewed demand for the greenback but retreated sharply from the level to settle at around 107.70.

USD/JPY News

Something has spooked the Fed

We wish we knew what it is. Wild talk of the US joining Japan and Europe with zero or negative return on the 10-year is or should be very frightening.

Read more

Gold consolidates around $ 1440, eyes US data for fresh direction

Gold (futures on Comex) extends its side-trend around the 1440 mark into the mid-European session, having stalled its retreat from 2019 highs of 1454 near 1437 region.

Gold News

Majors

Cryptocurrencies

Signatures