Observing news today one can easily get disappointed. However, things are getting better.
A great oil surge
As usual, the reason is hidden in US political games. The US government is said to announce that it won’t renew waivers from sanctions to importers of Iranian oil after they expire on May 2. The decision was not declared officially. However, rumors had a great impact.
As a result, both Brent and WTI trades opened with a big gap.
Brent tested highs of November 2018. Up to now, the oil benchmark has been trading near 73.80. The strong resistance lies at 74.75. But the rise may be limited. In the case of the fall, the first support is at 71.95.
WTI appeared near 65.96 reaching highs of October 2018. To keep rising, it needs to break above 66.20. If the strength of bulls weakens, WTI may test support at 64.65.
Notice that if you want to trade Brent or WTI, choose BRN-19M or WTI-19M in your MetaTrader (File - CFD Futures).
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.