The oil market is being backed by OPEC’s production cuts initiative and sanctions against Iran, causing price to reach $57.
The oil prices can further increase in a short term as a reaction to the US oil driller’s cuts. Moreover, the US-China deal can also boost the prices for crude oil, should there be an increase in the demand.
Crude oil futures prices is currently in trading at $57.14 per barrel.
On the other hand ten days ago price was lose momentum because there is trend reversal
Found on EMA20 conversely people put more buy pressure to pump the oil price as Moving average 20 appear in bull condition .
Support line : 56.58
Resistance Line : 60
The oil prices can further increase in a short term as a reaction to the US oil driller’s cuts. Moreover, the US-China deal can also boost the prices for crude oil, should there be an increase in the demand.
Crude oil futures prices is currently in trading at $57.14 per barrel.
On the other hand ten days ago price was lose momentum because there is trend reversal
Found on EMA20 conversely people put more buy pressure to pump the oil price as Moving average 20 appear in bull condition .
Support line : 56.58
Resistance Line : 60