Brent crude oil is falling against the US dollar. Some experts say the risk of Greek default makes energy prices lose its positions. To avoid the collapse, the Greek authorities decided to close all banks and place restrictions on the withdrawal and transfer of money. Amid these measures the attractiveness of the US dollar increased. The growth of the US currency usually makes investments in commodities less attractive, and the drop in demand makes prices go down.
While the situation in Greece remains uncertain, the volatility of all financial instruments, including oil, may rise. Will the Greek authorities strike a deal with its creditors? Economists have already started to predict a new wave of turbulence in the financial market if Greece exits the EU.
Support and resistance
The nearest resistance level is 63.28 - 2/8 Murray level.
The support level is 62.89 - 1/8 Murray level.
Open short positions after the breakdown of the level 62.89 with protective orders at 63.00 and the target at 62.11.