Fundamentals:
Growing US- Iran tensions may support crude oil prices. In reality, Iran cannot block the Strait of Hormuz but this rhetoric still affects the market through speculative spikes and drops.
On the other side, the API report shows the decline on the inventories.
The market has also been supported by a report from the International Monetary Fund about skyrocketing inflation in Venezuela, limiting its ability to boost oil output – Reuters –
Technically.
Break the conslidation zone. Above EMA 50
Growing US- Iran tensions may support crude oil prices. In reality, Iran cannot block the Strait of Hormuz but this rhetoric still affects the market through speculative spikes and drops.
On the other side, the API report shows the decline on the inventories.
The market has also been supported by a report from the International Monetary Fund about skyrocketing inflation in Venezuela, limiting its ability to boost oil output – Reuters –
Technically.
Break the conslidation zone. Above EMA 50
Comment:
Moved above ema 100..70.20 is the target of today
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