Dramatic Bullish Wave in Crude Oil – What’s going on in the market?

During the London session, the WTI crude oil jumped dramatically by 1.24% after Saudi Arabia symbolized it was satisfied with a higher...

Crude oil consumption

During the London session, WTI crude oil jumped dramatically by 1.24% after Saudi Arabia symbolized it was satisfied with a higher price range ahead of a meeting between principal producing countries in Algeria. According to the news updates, Saudi Arabian officials said they are happy with Brent prices moving over $80 a barrel as markets adapt to the loss of supply from U.S. sanctions.

Crude Oil – 2 Hour Chart

The remarks came after the Organization of the Petroleum Exporting Countries and Russia urged that U.S. sanctions against Iran, OPEC’s third-largest supplier, could put weight on the global markets. Iran is already feeling the heat of November 4 sanctions as their exports have started falling.

Support Resistance
68.07 69.25
67.6 69.97
66.42 71.16
Key Trading Level: 68.79

Technically, crude oil has violated the descending triangle pattern which was proving $68.80 a strong resistance. It can drop to $69.30 for a slight correction, but the odds of a bullish trend still remains strong. WTI can face an immediate resistance near $69.95 and $70.75, while the support prevails at $68.40. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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