WTI Crude Oil Slips as Trumps Goes Slower on Sanctions! - Forex News by FX Leaders

WTI Crude Oil Slips as Trumps Goes Slower on Sanctions!

Posted Tuesday, November 6, 2018 by
Arslan Butt • 1 min read

Unexpectedly, the WTI crude oil prices continue to trade with a bearish momentum despite the US sanctions against Iran’s fuel exports. US President Donald Trump announced he wants to inflict sanctions on Iran’s oil gradually, indicating concerns about shaking energy markets and causing global price spikes.

At this stage, the United States has granted some exemptions to Iran. They will temporarily let eight importers keep buying Iranian oil. Therefore, the market is reversing the impact of potential sanctions which were already priced in.

Looking at the technical side, crude oil is facing a solid resistance near $64. The 20 periods MA is blocking its way to the upside. While the support remains at $62.50. The violation of $64 can lead oil prices towards $64.85 and $65.50 Whereas, the market can remain bearish below $62.

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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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