There’s been some sizable selling seen in the crude markets today with both Oil (-2.8%) and Oil.WTI (-3.0%) tumbling lower. The declines began in earnest when China announced that they were yet to sign a trade deal with the US and despite significant geopolitical risks as tensions in the Middle East flare up once more the market seems more focused on the demand rather than the supply side at present.
On the geopolitical front, Hassan Rouhani has claimed to have video evidence of two missiles hitting the Iranian tanker last week and that this was “undoubtedly carried out by a government”. However, this has failed to see much of positive reaction and the markets continue to languish near their lowest levels of the day.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Oil.WTI has fallen today with a possible bearish engulfing candle forming on D1. Lows around 52.90 could be seen as a level to watch but if price breaches there then the longer term support around 50.50 could be in for a retest. Source: xStation
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
