Light Crude remains near 100.00

Source: Dukascopy Bank SA


The price for light crude oil broke out of the squeeze in a triangle pattern on April 12, but the event was not followed by s sharp surge, which in theory should have occurred.

The reason for the crude oil remaining near 100.00 is attributed to the OPEC countries announcing after a summit that they want oil near current levels and would work at lowering the price. Meanwhile, the rising demand and export bans of Russian oil have offset the efforts made by OPEC.

From a technical perspective, it has resulted in the price continuing to trade between the support zone at 93.20/95.90 and resistance at 109.20/111.30. Meanwhile, the 50-day simple moving average appears to be capable of providing short term support and resistance.

In the case that the commodity price surges above 109.20/111.30, the March high level zones near 115.00 and 130. are expected to slow down or reverse the move up. On the other hand, a decline below 93.20/95.90 could encounter support at 90.00 and the 200-hour simple moving average, before reaching the 2021 high levels near 85.00.
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