Crude Oil Hits 3-Year High
Breakout Will Have Traders Acting Soon!
Crude Oil prices surged to a high of $67.60 per barrel last week amid rising geopolitical risk, the highest level since 2014. Oil’s breakout for a third consecutive day could either take price to a new ranging territory, making the breakout quite significant or retreat back below within the former trading range.
US OIL DAILY CHART
With demand increasing for over a year now and US growth supporting growth markets seem to have reacted, and also moved, accordingly up to date. The supply component is what is most likely to set the tone long-term as it seems to be doing for the short-term too as Middle East tensions are not something new and regular flare-ups are expected.
The next few days will confirm whether this break is significant or if the recent price action was a result of speculation pressures.
You are advised to cautiously monitor your account in order to maintain your margin level.
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