Iranian OPEC governor Hossein Kazempour commenting on the US president actions.
He said Trump, putting pressure on international companies not to buy Iranian oil, “self ham”, as these actions only lead to an increase in oil prices. In some ways, this makes sense, but after the OPEC + agreement and the fact that Saudi Arabia is in focus at the moment, the market will not pay enough attention to this at this point. Either way, this issue has been pretty much baked into market expectations for quite some time.
Kazempour also added that oil should not be used as a weapon for political gains in Trump’s arsenal.
At the same time, the WTI oil has reached resistance and today it corrected to $ 73.49 per barrel. The D chart form a pin bar, which is a price action signal for probable correction – Initially up to horizontal support levels, 23.6% Fibo level, and diagonal support in the area at 72.20 / 72.70. In case of a breakthrough in the support zone, the downward correction will continue to test the diagonal trend line of the current upward trend, which coincides with 50% Fibonacci correction of the last upward movement, horizontal support and SMA 50 in the area around 69.50.
Head of Trading Dimitar Kalapov