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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).
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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