Could oil price recover further?
“Global oil price rebounds following recent developments in the market.”
Oil price extended its rise on Tuesday following supply concerns which spur a positive outlook toward the commodity. According to a report, Turkey has announced to stop pumping crude that was supplied from Kurdistan, Iraq via a pipeline. The amount that is estimated to reduce is around half a percent of the global oil supply or 450,000 barrels per day. Furthermore, oil prices also drew some support from recent geopolitical turmoil after Russia plans to station tactical nuclear weapons in Belarus.
USOIL, Daily: Oil price extended its rebound while currently testing at 73.00. MACD shows the formation of a bullish signal suggesting its price to advance further up after closing above 73.00.
Resistance level: 73.00, 81.65
Support level: 66.35, 61.80
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