WTI Oil Outlook: Oil price hits three-week high on fresh geopolitical tensions

Slobodan Drvenica Windsor Brokers

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

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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