FxWirePro: US Oil reverses previous session's slide, retakes $68 per barrel, focus on API data
US Oil reversed most of previous session's slide and extended gains above $68 mark. Rising US-Iran geopolitical tensions keep oil prices supported. Iranian Foreign Ministry said that Iran will respond with equal counterm…
US Oil reversed most of previous session's slide and extended gains above $68 mark.
Rising US-Iran geopolitical tensions keep oil prices supported. Iranian Foreign Ministry said that Iran will respond with equal countermeasures if US attempts to block its oil exports.
Focus now on API inventories data. Expectations of a drawdown in the US crude adds to the renewed strength in oil.
WTI crude was trading at $68.35 at the time of writing, up 0.87% on the day.
Technical bias remains bearish and upside could provide shorting opportunities.
Price remains sandwiched between 50 and 100 day moving averages. Breakout will provide clear directional bias.
Support levels - 68, 67.50 (100-DMA), 66.98 (110-EMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -147.481 (Neutral) at 1045 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
