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WTI Crude Oil Slips as Trumps Goes Slower on Sanctions!

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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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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