* Crude oil prices edged higher after the United States imposed sanctions on a Chinese refinery, escalating efforts to curb Iranian oil exports. The US specifically targeted Shandong Shouguang Luqing Petrochemical Co. and its CEO for allegedly purchasing Iranian oil, raising fears of potential supply disruptions. As a result, investors reacted to the tightening supply outlook, pushing oil prices higher amid heightened geopolitical tensions.
*Technical Breakdown: Crude oil is currently testing a key resistance level, with investors closely watching for a potential breakout. If bullish momentum persists, prices could extend gains toward the 69.30 resistance level. However, MACD signals weakening bullish momentum, and the RSI at 71 suggests overbought conditions, which may lead to a retracement. If oil fails to hold its gains, it could pull back toward the 67.75 support level.
Understand how technical analysis can help you in this trading opportunity.
The escalation of trade wars and tariffs could weaken global economic optimism and reduce oil demand, potentially limiting further upside.
Know how to manage trading risks with risk management strategies.
Watch for developments in for any shifts in the potential trade tariffs from Trump, by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
Open Your Free Demo Account And Start Trading Risk-Free
Join Now
Step into the world of trading with confidence today. Open a free PU Prime live CFD trading account now to experience real-time market action, or refine your strategies risk-free with our demo account.
This content is for educational and informational purposes only and should not be considered investment advice, a personal recommendation, or an offer to buy or sell any financial instruments.
This material has been prepared without considering any individual investment objectives, financial situations. Any references to past performance of a financial instrument, index, or investment product are not indicative of future results.
PU Prime makes no representation as to the accuracy or completeness of this content and accepts no liability for any loss or damage arising from reliance on the information provided. Trading involves risk, and you should carefully consider your investment objectives and risk tolerance before making any trading decisions. Never invest more than you can afford to lose.
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.
Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.
By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.
Thank You for Your Acknowledgement!
Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.
Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.
Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.
Thank You for Your Acknowledgement!
* Crude oil prices edged higher after the United States imposed sanctions on a Chinese refinery, escalating efforts to curb Iranian oil exports. The US specifically targeted Shandong Shouguang Luqing Petrochemical Co. and its CEO for allegedly purchasing Iranian oil, raising fears of potential supply disruptions. As a result, investors reacted to the tightening supply outlook, pushing oil prices higher amid heightened geopolitical tensions.
*Technical Breakdown: Crude oil is currently testing a key resistance level, with investors closely watching for a potential breakout. If bullish momentum persists, prices could extend gains toward the 69.30 resistance level. However, MACD signals weakening bullish momentum, and the RSI at 71 suggests overbought conditions, which may lead to a retracement. If oil fails to hold its gains, it could pull back toward the 67.75 support level.
Understand how technical analysis can help you in this trading opportunity.
The escalation of trade wars and tariffs could weaken global economic optimism and reduce oil demand, potentially limiting further upside.
Know how to manage trading risks with risk management strategies.
Watch for developments in for any shifts in the potential trade tariffs from Trump, by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
Open Your Free Demo Account And Start Trading Risk-Free
Join Now
Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.
Sign up for a PU Prime Live Account with our hassle-free process.
Effortlessly fund your account with a wide range of channels and accepted currencies.
Access hundreds of instruments under market-leading trading conditions.