Brent crude oil prices trade slightly higher adding 0.15% at $64.83 per barrel after confusing news from Middle East. An Aramco official said that “we are confident of returning to full production by the end of September”. On the other hand, Iran came out with warnings to go out on an “all-out war” if attacked by USA or Saudi Arabia.
Bulls are betting on recently erupted geopolitical tension, while bears count on weak global growth.Crude Oil prices trade slightly higher adding 0.15% at $64.83 per barrel after confusing news from Middle East. An Aramco official said that “we are confident of returning to full production by the end of September”. On the other hand, Iran came out with warnings to go out on an “all-out war” if attacked by USA or Saudi Arabia.
Bulls are betting on recently erupted geopolitical tension, while bears count on weak global growth.
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On the technical side, the bullish Brent oil momentum holds despite the correction from recent highs. Bulls managed to recover yesterday’s losses and end the session above the 50-day moving average. On the upside crude oil immediate resistance stands at 65.01 daily high while more offers will emerge at 69.00 the highs from September 17th. On the other hand first support stands at 64.17 the 50-day moving average a move below may encourage more bears to join the action, something that is possible to lead Brent oil towards the next resistance territory, defined by the 200-day moving average around 61.42.
Crude oil traders will focus on Baker Hughes weekly US Oil Rig Count for fresh clues about what will be the next move, as it gets harder to make any forecasts amid geopolitical tensions concerning Saudi Arabia and Middle developments.Download our latest quarterly market outlook for our longer-term trade ideas.
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