The United States’ attempts to cover the shortage of supply that may arise from the limitation of petroleum imports from Iran (excluding China and Turkey 1:58 million barrels/day) would have a limited impact to the medium-term pricing. At this point, Russia and Saudi Arabia will play an important role.
In addition to Iran, the interruptions in Libya and Venezuela and the existing limited/inadequate pipeline capacity of the US rock oil market give the sign of the continuation of the Move.
Our midterm prediction is 76.53- 78.20 region.
The key levels for day traders are as follows:
On the downside: If Crude Oil makes an H1 closing below 73.40, we might see the price testing the MM 5/8 72.66 and 72.40 support of the . Below this level, 71.87 is the possible pullback level which can be used as buying opportunity.
On the upside: A few H1 closings above 73.40, will carry the price 74.21, 74.97 and 75.74.
We plan to use pullback as buying opportunity.
Intraday targets are shown in the chart