Jan. 13 at 7:33 PM
$PR $UCO
WTI Crude Oil Technical Analysis
The Light Sweet Crude Oil market has been initially negative during the trading session on Tuesday, but you can see it has turned around. There are a lot of things going on at the moment and as you can see, the Light Sweet Crude Oil market has jumped over the
$60 level. Mainly, I think the big driver in the last 24 hours has been the United States announcing 25% tariffs on anybody doing business with Iran.
The idea is that perhaps 3.3 million barrels will come off the market every day, and as a result, signs of exhaustion I think will eventually show up because there is still a major glut of oil. Think of it this way: Russia’s been sanctioned for decades, and there’s still Russian oil in European cars. So, I wouldn’t read too much into it. These countries are really good at circumventing these issues. And of course, some countries, like perhaps China, will just ignore that.
