Crude Oil Take a Bullish Turn – Iranian Exports Plunges! - Forex News by FX Leaders

Crude Oil Take a Bullish Turn – Iranian Exports Plunges!

Posted Tuesday, October 9, 2018 by
Arslan Butt • 1 min read

Oil prices rose as more proof emerged that crude exports from Iran, OPEC’s third-largest producer, are sinking before the implementation of new US sanctions, and as a storm moved across the Gulf of Mexico.

The oil companies operating in the Gulf of Mexico shut down approximately 20% of oil production as Hurricane Michael moved towards eastern Gulf countries and Florida.

How does it impact Oil today?

Based on the fundamentals, investors are likely to trade crude oil with the bullish sentiment. Technically, crude oil has made its way to the upside. It has a bullish crossover on 20 and 50 periods EMA, which is a very strong signal for investors’ bullish bias.

For the moment, the immediate resistance prevails at $75 and crude oil can stay bearish under it. Whereas, the bullish breakout can lead oil prices towards $76.65. On the lower side, crude can face can find support above $73.35. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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