Crude oil prices have reached its 2 months high and have breached 72.31, a critical resistance price point in today's trading session. Prices were fluctuating between 70.84 and 72.31 for a week but the situation changes today and prices started to move back up after remarks from the U.S. secretary of state Pompeo regarding the geopolitical concerns over Iran and Venezuela which could lead to supply disruption.
Other factors that could have influenced this latest move is the US-China trade tension has eased off for now while the two countries continue trade negotiation.
The light crude oil futures are currently trading at 72.45 holding on to its gain just above 72.31 support. We might see further moves to the upside if prices can hold its trading activities above 72.31 support. If successful, The next resistance is at around 74.18. Failure could see prices pullback to approximately 70.84.
Other factors that could have influenced this latest move is the US-China trade tension has eased off for now while the two countries continue trade negotiation.
The light crude oil futures are currently trading at 72.45 holding on to its gain just above 72.31 support. We might see further moves to the upside if prices can hold its trading activities above 72.31 support. If successful, The next resistance is at around 74.18. Failure could see prices pullback to approximately 70.84.
