Oil Price Analysis: WTI tumbles to $60 a barrel

FXStreet Team FXStreet

Crude Oil Turns Negative After Iran's Attack Spike

Crude Oil turned negative once a new high was reached on Wednesday, ending at $65.62, driven by Iran's missile attack on a group of the United States military bases in Iraq.

Currently, Crude Oil has dropped 94 cents or 1.50%, touching $61.72, while Brent Oil stumbles 79 cents or 1.14% falling to the $67.54

On Wednesday morning, Iranian forces carried out a retaliatory attack against United States forces in Iraq. The attack was carried out employing more than a dozen ballistic missiles against various bases housing United States troops in Iraq, according to Pentagon officials.

These attacks caused the rise of crude Oil up to April 2019 levels. Read more...

Oil Price Analysis: WTI tumbles to $60 a barrel

The crude oil West Texas Intermediate (WTI) is strongly rejecting the 65 handle while trading above the main SMAs.

Crude oil four-hour chart

Black gold is having a sharp selloff to $60 a barrel and the 200 SMA on the four-hour chart. As the bears took control the market is more likely to continue to explore lower prices towards 57 and 55.50 price levels. Resistances are seen near 61, 62 and 63 handles. Read more...

WTI plummets below $60 following US Pres. Trump's remarks on Iran conflict

Crude oil prices came under heavy selling pressure in the last hour after US President Donald Trump took the high road in US-Iran conflict. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $59.90, losing 4.4% on a daily basis.

De-escalation of tensions in Middle East weigh on oil

In his prepared statement on Wednesday, President Trump acknowledged that no Americans were harmed from Iranian missile strikes on US bases in Iraq and said Iran was appearing to be standing down. "The US is ready to embrace peace with all who seek it," Trump added.

Earlier in the day, the initial market reaction to reports of Iranian missile strikes caused the WTI to jump to its highest level since April at $65.62 on heightened concerns over supply disruptions. Read more...

WTI

Overview
Today last price	60.01
Today Daily Change	-2.70
Today Daily Change %	-4.31
Today daily open	62.71

Trends
Daily SMA20	60.88
Daily SMA50	58.56
Daily SMA100	57
Daily SMA200	57.91

Levels
Previous Daily High	63.17
Previous Daily Low	62.15
Previous Weekly High	64.11
Previous Weekly Low	60.67
Previous Monthly High	62.38
Previous Monthly Low	55.41
Daily Fibonacci 38.2%	62.54
Daily Fibonacci 61.8%	62.78
Daily Pivot Point S1	62.18
Daily Pivot Point S2	61.66
Daily Pivot Point S3	61.16
Daily Pivot Point R1	63.2
Daily Pivot Point R2	63.7
Daily Pivot Point R3	64.22

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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