Will Saudi Statement Boost US OIL Again?

Traders Den

Will Saudi Statement Boost US OIL Again?

What’s happening in the markets?
We’ve put together some of the most important news and events that may affect your trades in the near term.

  • Saudi officials warned short sellers about their positions without giving any hints.
  • The market reacted to the statement by adding long positions.
  • Saudi is the leader in OPEC+ and may send another signal to the alliance that may move the market.
  • From a technical perspective, US OIL remains slow within the sideways range.
  • If the price closes above 74.00 USD per barrel, it may retest its resistance at around 78.00 USD per barrel.
  • On the contrary, closing below 70.00 USD per barrel may indicate a potential continuation to 66.00 USD per barrel.

We’ll continue to keep you informed about current market trends and the drivers behind them. Stay tuned for more updates in the future.

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