Oil prices are rising slightly. Demand for raw materials is caused by news from Iran, where the authorities plan to start blocking supplies from the Persian Gulf. The country will conduct naval exercises to demonstrate its power in the Strait of Hormuz in response to sanctions against Iranian oil. According to preliminary data, about 20% of world supplies pass through the strait, so the tension positively affects the course of "black gold".
On the other hand, further strengthening of oil is limited by the growth of the US dollar against major world currencies. Important economic data will also be published today, such as Nonfarm Payrolls, as well as Baker Hughes US Oil Rig Count and Trade Balance releases.
Support and resistance
Stochastic is around 98 points and reflects a possibility of a correction.
Resistance levels: 74.21, 75.00.
Support levels: 73.00, 72.80.
Short positions can be opened at the level of 74.21 with the target at 73.00 and stop loss 74.60.
Brent Crude Oil
|Support levels||72.80, 73.00, 74.21, 75.00|
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