Saturday , June 19 2021

the price of a barrel of oil remains poor despite the return of sanctions against Iran



The oil price prolongs its decline without being able to rely on Iran's reduction in supply.

Issues discussed in this oil analysis

  • Oil remains poor despite formalizing a new wave of sanctions against Iran
  • The WTI price is approaching $ 60 a barrel after the tech support collapse to $ 64
  • Brent continues the correction after a $ 75.40 collapse confirming oil leakage

Oil remains poor despite formalizing a new wave of sanctions against Iran

The price of a barrel oil continues to decline after the US sanctions against Iran came into force yesterday. Announced last spring, the oil market has probably already assessed the restoration of its sanctions. The price of a barrel WTI as well as his Brent to turn off their remarkable performance in August and September. Note also the United Arab Emirates' announcement of the discovery of a large quantity of oil, which weakens the basic principles of the Brent price and the price of WTI.

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The WTI price is approaching $ 60 a barrel after the tech support collapse to $ 64

The WTI barrel extends the correction phase that began in early October when it reached $ 78. The oil price broke last week at a significant level support which is at $ 64, confirming its poor momentum. WTI faces some technical risks. As a result, the continuation of this fall could, in my opinion, raise the price of a barrel of oil in its next support at $ 60.12. From her side, the RSI flag of the WTI price entered the "supermarket" area.

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WTI price per day

WTI on a daily basis

Diagram prepared by Yoav Nizard

Brent continues the correction after a $ 75.40 collapse confirming oil leakage

The price of a Brent barrel also peaked in a month of October. North Sea oil prices rose to 76.4% of its growth from August to October Fibonacci ratios, after breaking support at $ 75.40. Brent also faces a disadvantage. If it continues to decline, the oil price may, in my opinion, return to a lower support level of $ 70.10 and close to the $ 67.91 threshold. The RSI for Brent also runs below terminal 30.

Baril de Brent in daily records

Daily Brent price

Diagram prepared by Yoav Nizard

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