We saw a minor decline in Crude Oil prices after the cancellation of Aramco IPO, however, the recovery came earlier than the general expectations.
As we have written in our previous article, the US’s desire to put pressure on Iran before the November midterm elections (limiting Iranian oil’s access to the global market), limited US pipeline capacity of rock oil producers, supply disruptions in Venezuela and Canada, keeps the bullish trend alive.
Crude is pricing at 74.21 as of writing. A minor resistance confirmed by MM 7/8. As seen in the chart, Crude Oil is testing the descending line and break above the line will accelerate the bullish move.
Targets of today: 74.98, 75.78 and 76.56 MM 2/8 extremely overshoot level.
Possible Pullback Levels to use as buying opportunities: 73.43 and 72.65.
Major Support: 72.12