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…
