Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
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).
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Market updates on September 20
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
Oil spikes on the tweet by Iran's foreign minister
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
Market updates on September 19
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.
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