US Oil: Long above $75, target $76.45
US oil pops in the overnight session, supply considerations keep prices elevated.
Libya's National Oil Corporation declared 'force majeure', on key oil supplies.
Saudi Arabia doesn't seem to be too inclined to fulfill Trump's request to raise production (an extra 2 million barrels per day).
President Trump's demand that Iran be locked out of oil markets is still keeping oil prices elevated.
US Oil marked in a new high for 2018 at 74.78, and is on track to test $75 per barrel soon.
Technical analysis is showing no signs of retracement, however momentum indicators have approached overbought levels, so caution advised.
Break above 75 (strong resistance) can take the pair higher to 76.49 (61.8% Fib level).
Libya's National Oil Corporation declared 'force majeure', on key oil supplies.
Saudi Arabia doesn't seem to be too inclined to fulfill Trump's request to raise production (an extra 2 million barrels per day).
President Trump's demand that Iran be locked out of oil markets is still keeping oil prices elevated.
US Oil marked in a new high for 2018 at 74.78, and is on track to test $75 per barrel soon.
Technical analysis is showing no signs of retracement, however momentum indicators have approached overbought levels, so caution advised.
Break above 75 (strong resistance) can take the pair higher to 76.49 (61.8% Fib level).