U.S. crude oil sinks on ceasefire news
The failure of bulls in U.S. WTI to break through resistance at $106.00 a barrel triggered a liquidation of long positions. Against that backdrop, prices fell sharply into the $88.00-$86.00 support zone.
The WTI selloff was driven by news of a ceasefire in the Middle East, as well as Iran reopening the Strait of Hormuz, which is a negative factor for oil futures in the longer term.
A resumption of oil supplies from the region could lead to a break below current support and further downside, at least toward the $80.00-$76.00 per barrel area.
Even so, this is still only a temporary ceasefire, so bears should remain cautious. The situation in the Middle East remains highly tense and could trigger another sharp rise in oil prices at any moment.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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