Oil bounces off the bottom, WTI climbing above $68.00

Oil barrels seeing a bullish push on Monday as sanctions continue to hang over oil markets.
US rig counts struggle to develop momentum forward, keeping US production limited.

Joshua Gibson FXStreet

Crude oil is seeing some pop in Monday action as tensions between the US and Iran take hold, while US production sees a stutter of its own.

Another two oil rigs were shuttered last week, and the overall number of US oil rigs in operation has continued to flounder with few bright spots, and the 860 count has become a familiar number for 2018.

US sanctions against Iran are also due in November, where the US is also pushing close allies to eschew Iranian oil imports under threat of trade sanctions of their own, and oil markets are getting antsy as the deadline for US action against Iran approaches, and oil traders will be looking for reasons to continue bidding prices higher.

WTI crude oil levels to watch

Crude oil looks set to make a bullish bounce from last week's low of 66.84, but oil prices are notably off of September's current high of 71.65, with the last notable swing high at July's peak of 75.35, with support firming up from the 200-day EMA at the 65.00 major technical level.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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